HCOB德国综合采购经理人指数从初步的49.7上调至2025年4月的50.1，而3月份为51.3。这一数据表明，在今年前三个月增长之后，私营部门的商业活动几乎没有变化。服务业陷入收缩（3月份为49对50.9），制造业仍然低迷（48.4对48.3）。新业务仅略有下降，创下近一年来的最低跌幅，因为制造业新订单的小幅增长与服务业的下降放缓相吻合。新的出口业务接近稳定。总就业人数在前十个月都有所下降后，基本保持不变。由于制造业投入成本下降的拖累加剧，投入成本通胀处于六个月来的最低水平，但在工厂入场费再次上涨的情况下，产出价格以略快的速度上涨。与此同时，对未来产出的预期降至六个月来的最低水平。

The HCOB Germany Composite PMI was revised higher to 50.1 in April 2025 from a preliminary of 49.7, and compared to 51.3 in March. The reading signalled virtually no change in private sector business activity, following growth in the first three months of the year. The services sector slipped into contraction (49 vs 50.9 in March) and manufacturing remained depressed (48.4 vs 48.3). New business fell only slightly, registering its weakest decline in almost a year, as a marginal increase in manufacturing new orders coincided with a slower fall in the service sector. New export business came close to stabilising. Total employment was broadly unchanged, after falling in each of the previous ten months. Input cost inflation was at six-month low due to an increased drag from falling manufacturing input costs, but output prices increased at a slight faster rate amid a renewed upturn in factory gate charges. Meanwhile, expectations towards future output sank to the lowest for six months.