Germany

European economy 12th December 2023

German investment confidence rises to 12.8 in December, up three points; eurozone up 10 points to 23.0

CdM| German investor confidence improved again in December, according to the Leibniz Centre for European Economic Research (ZEW) indicator, which rose to 12.8 points from 9.8 in the previous month, its best reading since last March in view of the medium-term expectation of a change in monetary policy by the European Central Bank (ECB). German investors’ assessment of Germany’s current economic situation also improved in December, with the corresponding indicator…

In Europe 27th November 2023

German IFO rebounds in November for second month in a row to 87.3 from 86.9 in October

Link Securities| Germany’s business climate index, compiled by the IFO institute, rose in November to 87.3 points from 86.9 points in October, its second consecutive monthly improvement. The reading was slightly below the 87.5 points expected by the FactSet consensus of analysts. Sentiment reached its highest level in four months as companies became less pessimistic about both their expectations for the coming months (85.2 points versus 84.8 points in October)…

European economy 24th November 2023

Germany’s final GDP revised down 1/10th of percentage point to 0.4%, one quarter short of technical recession

Bankinter: 3Q 2023 GDP (final) is revised down one tenth of a percentage point (year-on-year) with respect to the preliminary figure, unchanged quarter-on-quarter. 0.4% (year-on-year) versus -0.3% preliminary and versus +0.0% previously. In the quarter-on-quarter comparison, -0.1% same as preliminary and against +0.1% previously. Assessment: In year-on-year terms GDP is revised down by one tenth of a percentage point. This means a return to negative year-on-year growth rates after +0.0%…

In Europe 23rd November 2023

Germany freezes public spending after court ruling on Covid funds reallocated to climate initiatives

Banca March : The court in Karlsruhe has declared unconstitutional the transfer of €60 billion that had initially been earmarked to tackle the pandemic, but was not spent, to an off-budget fund with climate and energy initiatives. The finance minister has sent an information letter to the rest of the cabinet warning of the blocking of new spending. With the increase in the deficit, the German constitution’s rules on the…

In Europe 16th November 2023

Germany’s current account surplus reaches €28.1 billion in September compared to €12.5 billion in same month last year

Link Securities| Germany’s central bank, the Bundesbank, yesterday published that Germany’s current account surplus reached €28.1 billion in September compared to €12.5 billion in the same month last year. The goods surplus increased to €22.5bn from €11.1bn in September 2022, as imports fell by 18.6% and exports by a noticeably smaller 9.2%. For its part, the primary income surplus increased to €15.8 billion from €12.4 billion in the same month…

European economy 8th November 2023

Germany’s new drop in industrial production, down -1.4% in September, again fuels fears of protracted recession

Bankinter : Industrial Production falls more than expected in September and remains in negative territory for the fifth consecutive month. Industrial Production (September) falls -1.4% m/m against -0.1% expected and -0.1% previous (revised from -0.2%). By items: Manufacturing & Mining -1.7%; Intermediate Goods -1.9%; Capital Goods -0.2%; Consumer Goods (-4.9%); Energy -1.7%; Construction 0%. Assessment: Again, another bad Industrial Production reading, one that will once again fuel fears of a…

European economy, In Europe 2nd November 2023

German GDP falls as CPI slows

Bankinter| Germany’s economy and inflation surprised positively in 3Q23. GDP declined -0.3% year-on-year in the period compared to -0.7% expected and +0.0% previous (it was revised up from -0.2%). On a quarter-on-quarter basis, growth was -0.1% compared to -0.2% expected and +0.1% previously (revised from +0.0%). On the CPI side, the headline rate rose by +3.8% year-on-year compared to +4.0% expected and +4.5% previously. On a month-on-month basis, inflation was…

European economy, In Europe 25th October 2023

Business confidence in Germany and France still showing weakness

BancaMarch: Business confidence indicators in Germany and France this morning continue to show weakness in growth in the coming months. In Germany, the composite PMI deteriorated more than expected, falling back to 45.8 from 46.4 and below the 46.7 expected. This performance was mainly explained by a sharp drop in confidence in the German services sector (48 vs. 50.3 previously) while manufacturing continued to contract (40.7 vs. 39.6 previously). In…

In Europe 15th October 2023

Aggregate industrial production in Germany falls -0.2% in August and -2% year-on-year, fourth consecutive decline

Banca March: Weakness in German manufacturing sector continues in August. This is the fourth consecutive month of declines in industrial production in the face of high energy prices, weak global demand and worsening financial conditions. Aggregate production is down -0.2% in the month and -2% on a year-on-year basis. The main drag is energy production and the construction sector, with monthly declines of -6.6% and -2.4% respectively.

In Europe 26th September 2023

German business confidence remains weak with IFO in September at 85.7 vs 85.8 previously

Banca March: In September the IFO business sentiment index fell by one tenth of a point to 85.7, this weakness was mainly due to a drop in the reading for the current situation, which fell by three tenths to 88.7, while the expectations component improved by two tenths to 82.9. Overall, this confidence indicator is in line with last week’s PMI and points to the deterioration in Germany’s growth continuing…

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