Growth in German Service Industry Slows | Business| Economy and finance news from a German perspective | DW | 03.03.2004
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Growth in German Service Industry Slows

Growth in the German services industry slowed in February. A services index based on a survey of 500 purchasing managers in Germany fell to 54.1 points from January's 55.2. NTC Research, which carried out the study for the Reuters Group, said the downward trend was apparent in the rest of the 11 nations in the euro-zone too, where a survey of 2,000 purchasing managers showed that the index slipped to a four-month low of 56.2 from 57.3 in January. The services industry recorded the sharpest growth in Spain, followed by France, Italy and Germany. Experts believe the strong euro is mainly to blame for the slowing down of growth. The euro's 12 percent increase against the dollar in the past six months is slowing Europe's export-driven growth, while consumer spending remains sluggish.