The German services sector continued to grow in January, according to a report released by S&P Global and Hamburg Commercial Bank on Wednesday.

The Services PMI Business Activity Index landed at 52.5 in January, rising by 1.3 index points in comparison to the month before, while the Composite PMI Output Index, covering both services and manufacturing business activity in Germany, climbed by 2.5 index points on a monthly basis, clocking in at 50.5 in January.

"After a long dry spell, jobs are being created in the service sector again. This is encouraging, but one swallow does not make a summer, so this monthly figure shouldn't be overstated. The accelerated declines in order backlogs and new business from abroad suggest that employment growth won't continue unchecked," Hamburg Commerical Bank Chief Economist Dr. Cyrus de la Rubia stated.