Business activity in Germany's services sector stabilised in March, ending a five-month sequence of contractions in activity, a survey showed on Thursday. The HCOB final services Purchasing Managers' Index (PMI) rose to 50.1 in March from 48.3 in February, just above the 50.0 mark that separates growth from contraction."Overall, the services sector is playing a stabilizing role in the broader economy," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
"However, it is unlikely to be sufficient to avert another quarter of declining GDP at the start of this year." Firms in the services sector are growing increasingly optimistic about the outlook, with business expectations reaching their highest level since February 2022, before Russia's invasion of Ukrain
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