German economy ministry says does not expect bigger economic downturn
They also do not see a pronounced recession to follow
- However, indicators don't point to an economic turnaround either
- Exports are moving sideways at the moment
- Private consumption still providing noticeable support to the economy
- Recovery in industrial sector not in sight after weak start to Q3
They are commenting in their monthly report on the economy and are still trying to "play it cool" for the time being. A technical recession is almost certainly on the cards for Germany now and with potential negative spillovers from the manufacturing recession, things look set to get worse before they get better moving forward.