German PMI rises to five-month high and signals further GDP growth in Q3

Germany’s ‘all-sector’ PMI (a GDP-weighted average of the three surveys’ output measures) rose from July’s 53.6 to 54.7 in August, thereby signalling an acceleration in output growth in Germany’s private sector. The data point to further solid economic growth of 0.5% in the third quarter, after GDP rose 0.4% in the second quarter.