The state of our economy largely depends on exports to Germany, which is our main trading partner. That is why experts point out that what is happening in Germany is about to happen here.
German GDP in the second quarter of 2022 is better than expected
Thursday’s data from Germany may inject some optimism into this outlook. GDP in the second quarter rose 0.1 percent, where 0 percent was expected, and 1.7 percent on an annual basis. With a forecast of 1.4 percent. The head of the Federal Statistics Office, George Tell, commented on these results that “the largest economy in Europe succeeded in recording a positive result in the first half of the year, despite the difficult conditions that the global economy is going through.”
Ifo business confidence index is also higher than expectations
Ifo data is also above expectations. Ifo . index is created On the basis of questionnaires completed by 9 thousand German entrepreneurs and considered the most reliable source of information about the state of the German economy.
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The index of business expectations in August 2022 was 80.3 (expect 79.0), the current analysis of the situation – 97.5 (compared to 96.0). The most important indicator of the economic situation IFO for August 2022 was recorded at the level of 88.5 (compared to 86.8 expected.). For comparison, its lowest reading is 74.2 from March 2020. High readings (above 100) indicate optimism, and low (below 100) – pessimism about the current mood and future outlook.
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