2024-02-23 08:18:00 ET
Summary
- Germany's Ifo index gives very little hope of an imminent rebound.
- The GDP components for the fourth quarter of 2023 confirmed that the economy shrank by 0.3% quarter-on-quarter.
- Earlier this week, the German government presented its growth forecast, which at 0.2% GDP growth for this year, is actually still above our own forecast of -0.2%.
One day before the second anniversary of Russia's invasion of Ukraine, the second estimate of fourth quarter GDP growth has confirmed the shallow German recession in 2023, while the latest Ifo index reading gives very little hope for imminent improvement....
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Ifo Index Not Strong Enough To Bring Back Optimism