Germany revises second-quarter growth up as ifo reaches a one-year high
Destatis revised second-quarter growth to 0.3 per cent from a preliminary 0.2 per cent. The ifo business climate index reached 88.8 in August, from 86.7 in July and above the 87.2 forecast. Exports rose 2 per cent quarter on quarter. Household consumption rose 0.1 per cent while investment fell 0.2 per cent. First-quarter growth was 0.4 per cent; the annual forecast was cut to 0.5 per cent from 1 per cent.
Economics & Markets··Night
Reported development
Germany revises second-quarter growth up as ifo reaches a one-year high Destatis raised second-quarter growth to 0.3 per cent from a preliminary 0.2 per cent. The ifo business climate index rose to 88.8 in August from 86.7 in July, against a forecast of 87.2. Exports carried the quarter, rising 2 per cent from the previous three months. Household consumption edged up 0.1 per cent while investment fell 0.2 per cent. Growth was 0.4 per cent in the first quarter, and the forecast for the year has been cut to 0.5 per cent from 1 per cent.[1]
Details in the report
Destatis raised second-quarter growth to 0.3 per cent from a preliminary 0.2 per cent. The ifo business climate index rose to 88.8 in August from 86.7 in July, against a forecast of 87.2. Exports carried the quarter, rising 2 per cent from the previous three months. Household consumption edged up 0.1 per cent while investment fell 0.2 per cent. Growth was 0.4 per cent in the first quarter, and the forecast for the year has been cut to 0.5 per cent from 1 per cent. The ifo expectations sub-index climbed to 89.1 in August from 86.8 in July. The ifo president Clemens Fuest said the German economy is recovering despite the renewed rise in energy prices. Ruth Brand, who heads Destatis, said the economy is maintaining the growth momentum seen at the start of the year.[1]
Additional context
Germany revises second-quarter growth up as ifo reaches a one-year high Destatis raised second-quarter growth to 0.3 per cent from a preliminary 0.2 per cent. The ifo business climate index rose to 88.8 in August from 86.7 in July, against a forecast of 87.2. Exports carried the quarter, rising 2 per cent from the previous three months. Household consumption edged up 0.1 per cent while investment fell 0.2 per cent. Growth was 0.4 per cent in the first quarter, and the forecast for the year has been cut to 0.5 per cent from 1 per cent. The ifo expectations sub-index climbed to 89.1 in August from 86.8 in July. The ifo president Clemens Fuest said the German economy is recovering despite the renewed rise in energy prices. Ruth Brand, who heads Destatis, said the economy is maintaining the growth momentum seen at the start of the year.[1]
