Research (Česká spořitelna)
Macroeconomics  |  January 22, 2013 10:49:15

Bundesbank expects a deeper and longer recession

The German Bundesbank said yesterday that it expects a deeper and longer recession, and that developments abroad, stable employment and better leading indicators point to a recovery in the coming months. Weakness in 4Q12 (-0.5% q / q) would be an exception. We agree - and impatiently waiting for the leading indicators this week. Already, the ZEW (the one with the real economy but not so close link does not), however, will be on Friday, IFO, which is very important. Just improving IFO index and its close correlation with export give hope that the recession in the beginning of 4Q12 was prolonged slump.

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Bundesbank nečeká hlubší či delší recesi

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