German manufacturing growth rate has lost some momentum in April compared to March but still maintained good shape overall, it had a slow but steady start.
Markit's purchasing manager's index (PMI) for manufacturing, which accounts for about a fifth of the German economy, slipped to 52.1 from an 11-month high of 52.8 in March.
It was above the 50 line separating growth from contraction for a fifth consecutive month and the final reading topped a preliminary estimate of 51.9.
Markit economist Oliver Kolodseike said that German's manufacturing sector shifted down a gear in April. It was, however, the second-best reading in nine months and Kolodseike said this pointed to modest growth in the sector.
New orders continued to flow in, albeit at a slower rate than in March, and output growth slowed, but manufacturers stepped up their recruitment of new staff.
While the weaker euro helped some companies to obtain new contracts from abroad by reducing the cost of their goods for customers outside of the euro zone, it also pushed up import costs for the first time in 15 months.
Source: uk.reuters