Ifo economist: German industry continuing to recover, export expectations improved significantly
Comments by Ifo economist, Klaus Wohlrabe
- German exporters profiting from industrial recovery in major trading partners
- Rising infection rate is hurting sentiment in the services sector, especially tourism
- Brexit and US election not yet have had any impact on German business
This was also evident from yesterday's PMI data, which saw the manufacturing sector print climb to its highest in over two years - helped by a return in foreign demand.
Meanwhile, the services sector is suffering and that is a warning sign that the recent strength in domestic demand/consumption may wane further towards the end of the year.