BERLIN, May 23 (Xinhua) -- The German private sector grew at its lowest pace in 20 months in May, a closely-watched survey showed 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, hit a 20-month low of 53.1 from 54.6 in April.
"The flash PMI data indicate that the recent slowdown in Germany's private sector continued into May," said Phil Smith, Principal Economist at IHS Markit, "and it was a case of slower growth across both the manufacturing and services segments of the economy."
The Flash Germany Services PMI Activity Index also fell to a 20-month low of 52.1 from 53.0 in May.
Activity in the manufacturing sector slumped as well, with the index falling to 56.8 from 58.1 a month earlier, registering the lowest rate since February 2017.
"Weaker order book growth and a further waning of business confidence point to the economy carrying a lot less underlying momentum than at the end of 2017," said Smith.
"Latest data meanwhile indicated an ill-timed resurgence in cost pressures faced by businesses, linked largely to rising oil prices," he added.
