ANKARA
Growth in Germany's private sector is driving a modest economic recovery, the Markit Purchasing Managers' Index survey has reported.
According to the index published on Tuesday and compiled from a survey of purchasing managers across the country, the German Composite Purchasing Managers' Index rose to 55.8 in March from 53.8 in February.
The report stated: "The current spell of growth now stretches to 23 months and the latest rate of expansion was the most marked since July of last year.
"Moreover, output growth accelerated at both manufacturers and service providers, with some panelists commenting on increased order intakes and more investments."
Sharp rise
"New business placed with German private sector firms also increased at a faster pace in March, with the rate of growth the strongest in nine months," the report added.
Survey participants noted a positive economic environment combined with a strengthening demand from both domestic and foreign markets and manufacturers reported the sharpest rise in new export business for eight months in March, according to the report.
Many panellists credited the weaker euro for boosting exports.
A rise in German exports is important for Turkish manufacturers, many of whom provide components for German finished exports.
'Fast lane'
Private sector employment rose in March, the survey showed, and the rate of job creation remained about the same from February.
Markit economist Oliver Kolodseike said: "It looks like the German economy is entering the economic fast lane again, with survey data suggesting that we should expect another quarter of solid GDP growth.
"An improving economic environment and stronger demand from both domestic and foreign markets were some of the reasons behind stronger growth in March, according to our panel members."
Germany's GDP grew at a modest 1.6 percent in 2014, while the unemployment rate was at 7 percent in January.
