Comments by Ifo economist, Klaus Wohlrabe

  • Industry continues to be well positioned, export expectations have risen
  • But retail has collapsed
  • Many service providers also affected by lockdown, including transport and logistics
  • Expects GDP stagnation in Q1

That's not an encouraging assessment, with the subdued services activity also somewhat reflected by the weaker PMI readings in January last week here. If tighter restrictions are prolonged to Easter, a double-dip recession is certainly on the cards.