BERLIN, Aug. 23 (Xinhua) -- The German private sector grew faster than expected in August, following a relatively disappointing July, a closely-watched survey showed on Wednesday.
Markit's flash composite Purchasing Managers' Index (PMI) for Germany, which tracks the manufacturing and services sectors that account for more than two-thirds of the largest European economy, rose to a two-month high of 55.7 from 54.7 in July.
Moreover, output growth strengthened in both the manufacturing and service sectors, respectively increasing to 59.4 and 53.4.
"The flash PMI rose to 55.7 in August from July's final reading of 54.7, indicating that underlying economic growth remains strong following a slight correction at the start of the third quarter," said Trevor Balchin, senior economist at IHS Markit.
"Notably, manufacturing new export orders increased at the fastest rate since May 2010," Balchin added.
IHS Markit said that the PMI data for the third quarter so far and the upward revisions to official data suggest that its current growth forecast of 2.0 percent for 2017 is likely to be raised.
