Research (Česká spořitelna)
Macroeconomics  |  January 17, 2013 09:54:13

Germany: After a miserable 4Q comes bottom in 1Q13, stagnation in 2Q and resume growth in 3Q

German MinFin said yesterday that the growth in 2013 will be such as it still planned in October - from +1% to now see at +0.4% this year and +1% next year. They admitted that the debt crisis affects German through lower demand for German exports, but domestic demand remains quite OK and after a miserable 4Q13, Germany back in 2013 during growth. Similar developments waiting for us - the bottom 1Q13, 2Q13 stagnation, a slight recovery in 2H13. Monthly data yet give everyone what he wants to see - orders, production, and not much PMI, IFO contrast shows recovery.

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