Germany

alemania ampelmann

Germany’s final GDP revised down 1/10th of percentage point to 0.4%, one quarter short of technical recession

Bankinter: 3Q 2023 GDP (final) is revised down one tenth of a percentage point (year-on-year) with respect to the preliminary figure, unchanged quarter-on-quarter. 0.4% (year-on-year) versus -0.3% preliminary and versus +0.0% previously. In the quarter-on-quarter comparison, -0.1% same as preliminary and against +0.1% previously. Assessment: In year-on-year terms GDP is revised down by one tenth of a percentage point. This means a return to negative year-on-year growth rates after +0.0%…


alemania germany ZEW

Germany freezes public spending after court ruling on Covid funds reallocated to climate initiatives

Banca March : The court in Karlsruhe has declared unconstitutional the transfer of €60 billion that had initially been earmarked to tackle the pandemic, but was not spent, to an off-budget fund with climate and energy initiatives. The finance minister has sent an information letter to the rest of the cabinet warning of the blocking of new spending. With the increase in the deficit, the German constitution’s rules on the…


Alemania Exportaciones

Germany’s current account surplus reaches €28.1 billion in September compared to €12.5 billion in same month last year

Link Securities| Germany’s central bank, the Bundesbank, yesterday published that Germany’s current account surplus reached €28.1 billion in September compared to €12.5 billion in the same month last year. The goods surplus increased to €22.5bn from €11.1bn in September 2022, as imports fell by 18.6% and exports by a noticeably smaller 9.2%. For its part, the primary income surplus increased to €15.8 billion from €12.4 billion in the same month…


Alemania industria

Germany’s new drop in industrial production, down -1.4% in September, again fuels fears of protracted recession

Bankinter : Industrial Production falls more than expected in September and remains in negative territory for the fifth consecutive month. Industrial Production (September) falls -1.4% m/m against -0.1% expected and -0.1% previous (revised from -0.2%). By items: Manufacturing & Mining -1.7%; Intermediate Goods -1.9%; Capital Goods -0.2%; Consumer Goods (-4.9%); Energy -1.7%; Construction 0%. Assessment: Again, another bad Industrial Production reading, one that will once again fuel fears of a…


alemania brandenburgo

German GDP falls as CPI slows

Bankinter| Germany’s economy and inflation surprised positively in 3Q23. GDP declined -0.3% year-on-year in the period compared to -0.7% expected and +0.0% previous (it was revised up from -0.2%). On a quarter-on-quarter basis, growth was -0.1% compared to -0.2% expected and +0.1% previously (revised from +0.0%). On the CPI side, the headline rate rose by +3.8% year-on-year compared to +4.0% expected and +4.5% previously. On a month-on-month basis, inflation was…


eurozona mapa billete 1

Business confidence in Germany and France still showing weakness

BancaMarch: Business confidence indicators in Germany and France this morning continue to show weakness in growth in the coming months. In Germany, the composite PMI deteriorated more than expected, falling back to 45.8 from 46.4 and below the 46.7 expected. This performance was mainly explained by a sharp drop in confidence in the German services sector (48 vs. 50.3 previously) while manufacturing continued to contract (40.7 vs. 39.6 previously). In…


alemania industria2

Aggregate industrial production in Germany falls -0.2% in August and -2% year-on-year, fourth consecutive decline

Banca March: Weakness in German manufacturing sector continues in August. This is the fourth consecutive month of declines in industrial production in the face of high energy prices, weak global demand and worsening financial conditions. Aggregate production is down -0.2% in the month and -2% on a year-on-year basis. The main drag is energy production and the construction sector, with monthly declines of -6.6% and -2.4% respectively.


Germany labour market

German business confidence remains weak with IFO in September at 85.7 vs 85.8 previously

Banca March: In September the IFO business sentiment index fell by one tenth of a point to 85.7, this weakness was mainly due to a drop in the reading for the current situation, which fell by three tenths to 88.7, while the expectations component improved by two tenths to 82.9. Overall, this confidence indicator is in line with last week’s PMI and points to the deterioration in Germany’s growth continuing…


Alemania industria

German factory orders fall sharply in July: -11.7% vs. -4% expected and +7.6% previous

Bankinter: German Factory Orders fell sharply in July. Factory Orders were down -11.7% vs. – the -4.0% expected and +7.6% previous (revised from +7.0%). Assessment: This is bad news for the German industrial sector and further evidence of the weaknesses of the eurozone benchmark country’s economy. Despite the upward revision of the previous figure, July’s figure turned out to be out much worse than expected and registered its lowest since…


germany reinvented

Germany agrees corporate tax cut worth €6.5bn for companies and €2.4bn for households

Banca March: Germany has agreed to make a corporate tax cut totalling €6.5 billion. After Sunday’s tense negotiations between Lisa Paus, Minister for Family Affairs and member of the Green Party, and Christian Linder, Minister of Finance and member of the Social Democratic Party, the German government finally agreed on a total of €6.5 billion. In the end, €6.5 billion were earmarked for companies and €2.4 billion for households. The…