HCOB Flash德国综合采购经理人指数从3月份的51.3降至2025年4月的49.7，低于50.4的预测。该数据显示，由于关税担忧和不确定性影响了商业信心和需求，私营部门活动出现了四个月来的首次意外收缩。服务业再次出现收缩（48.8比50.9），商业活动自去年11月以来首次下降，为2024年2月以来的最快速度。与此同时，尽管制造商已连续第二个月设法增加产量，但制造业衰退加剧（48对48.3）。此外，就业率以近一年来最慢的速度下降，积压的工作减少，商品和服务的通货膨胀率略有上升，因为制造业产出价格是近两年来涨幅最大的。最终，企业的增长预期降至六个月来的最低水平。

The HCOB Flash Germany Composite PMI declined to 49.7 in April 2025 from 51.3 in March and below forecasts of 50.4. The reading pointed to a surprise contraction in private sector activity, the first in four months, as tariff concerns and uncertainty weighed on business confidence and demand. The services sector moved back into contraction (48.8 vs 50.9), with business activity falling for the first time since last November and at the quickest rate since February 2024. Meanwhile, the manufacturing downturn deepened (48 vs 48.3) although manufacturers have managed to increase production for the second month in a row. In addition, employment fell at the slowest pace in almost a year, backlogs of work reduced and there was a slight uptick in the rate of inflation charged for goods and services, as manufacturing output prices rose the most in almost two years. Finally, firms’ growth expectations sank to their lowest in six months.