Business activity growth slowed for the second month in a row across the German private sector in December, according to the latest ‘flash’ HCOB PMI® survey. Growth softened further from October’s recent high due to sluggishness in underlying demand, with inflows of new business stagnating in the final month of 2025. Firms’ expectations for growth in the year ahead meanwhile slumped to their lowest in eight months. Despite the slowdown in the pace of expansion, inflationary pressures picked up. Alongside faster increases in both operating expenses and prices charged in the service sector, manufacturers recorded a ... (full story)