The headline IHS Markit/BME Germany Manufacturing PMI – a single-figure snapshot of the performance of the manufacturing economy – fell for the third month running in October, from 53.7 in September to a 29-month low of 52.2. The Index remained above the 50.0 no-change mark thanks in part to increases in output and employment, though growth slowed on both fronts.

Phil Smith, Principal Economist at IHS Markit, which compiles the Germany Manufacturing PMI survey, commented: "A second consecutive monthly decline in export orders poured more cold water on the manufacturing sector in October, with PMI data indicating the worst overall growth performance for almost two-and-a-half years. "Output barely rose compared with the month before, and the odds appear to be in favour of production falling in coming months rather than regaining momentum. New orders were down for the first time in four years in October and backlogs fell again. But perhaps most telling is the view of manufacturers that output levels are expected to be lower 12 months from now”.