Germany April Manufacturing PMI at 34.5, Lowest Since Financial Crisis

[Asia Economy Reporter Changhwan Lee] Due to the impact of the novel coronavirus disease (COVID-19), Germany's manufacturing Purchasing Managers' Index (PMI) for April recorded its lowest level since the global financial crisis.

According to IHS Markit on the 4th, Germany's finalized manufacturing PMI for April stood at 34.5. This is the lowest figure since 2009 during the global financial crisis. The preliminary figure announced last month was 34.4, and the finalized figure for March was 45.4.

The PMI is based on 50, with values above indicating economic expansion and below indicating economic contraction. As COVID-19 spread worldwide, Germany's manufacturing sector is interpreted to have contracted significantly.

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