Germany's Flash Composite Purchasing Managers' Index (PMI) Output Index decreased by 1.3 index points month-on-month to 47.3 in November, reaching a nine-month low, S&P Global and Hamburg Commercial Bank (HCOB) revealed in their joint preliminary report on Friday.

Germany's Services PMI Business Activity Index also hit a nine-month low, dropping by 2.2 index points compared to October's figure, and landed at 49.4. Meanwhile, the Manufacturing PMI Output Index increased by 0.4 index points to 43.2, reaching a five-month high.

"These figures are bad news. Until recently, the German economy was somewhat stabilized by the service sector, which was making up for the steep decline in manufacturing. Not anymore. In November, service providers' activity took a hit for the first time since February. Companies are also dealing with rising costs, especially wages," Chief Economist at Hamburg Commercial Bank, Dr. Cyrus de la Rubia, stated.