[ad_1]
Berlin: German business A major survey on Monday showed that sentiment fell more than expected in June, as clouds gathered over Europe’s largest economy.
The Ifo Institute Trust glassBased on a survey of 9,000 companies, it fell for the second month in a row to 88.5 points from 91.7 points in May.
Analysts surveyed by the company’s financial statements fact set He expected a reading of 90.8 points.
The weak result is the latest in a string of worrying data coming out of Germany, after the economy slid into recession at the turn of the year.
The country’s leading economic institutes, including Ifo, now expect the economy to contract by 0.2% over the course of 2023, as the outlook grows darker.
“Weakness in the manufacturing sector is driving the German economy into troubled waters,” said IFO President Clemens Fest.
Vest said that expectations about the economy among manufacturers fell to the lowest level since November last year.
“Hardly any industry has been left untouched by this development,” he said.
said Carsten Brzeski, Head of Macro at Inc ING Bank.
“It seems that the optimism at the beginning of the year has given way to more of a sense of reality,” Brzeski said.
He said the continuation of the war in Ukraine, an aging population, and the cost of transitioning to renewable energy were also affecting the German economy.
“With so many short- and long-term challenges, growth will remain subdued at best” in the coming years, Brzeski said.
The Ifo Institute Trust glassBased on a survey of 9,000 companies, it fell for the second month in a row to 88.5 points from 91.7 points in May.
Analysts surveyed by the company’s financial statements fact set He expected a reading of 90.8 points.
The weak result is the latest in a string of worrying data coming out of Germany, after the economy slid into recession at the turn of the year.
The country’s leading economic institutes, including Ifo, now expect the economy to contract by 0.2% over the course of 2023, as the outlook grows darker.
“Weakness in the manufacturing sector is driving the German economy into troubled waters,” said IFO President Clemens Fest.
Vest said that expectations about the economy among manufacturers fell to the lowest level since November last year.
“Hardly any industry has been left untouched by this development,” he said.
said Carsten Brzeski, Head of Macro at Inc ING Bank.
“It seems that the optimism at the beginning of the year has given way to more of a sense of reality,” Brzeski said.
He said the continuation of the war in Ukraine, an aging population, and the cost of transitioning to renewable energy were also affecting the German economy.
“With so many short- and long-term challenges, growth will remain subdued at best” in the coming years, Brzeski said.
[ad_2]
