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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 06:03 AM

13. German Business Confidence Rises to Highest in 16 Months

http://www.bloomberg.com/news/2013-08-27/german-business-confidence-rises-to-highest-in-16-months.html

German business confidence rose to the highest level in 16 months in August, beating forecasts and indicating that the recovery in Europe’s largest economy is gathering pace. A measure of construction activity fell.

The Ifo business climate index, based on a survey of 7,000 executives, climbed to 107.5 from 106.2 in July, the Munich-based institute said today. That’s the highest since April 2012. Economists predicted an increase to 107, according to the median of 42 forecasts in a Bloomberg News survey.

German gross domestic product expanded 0.7 percent in the second quarter, rebounding from a colder-than-usual winter that curbed output and helping the 17-nation euro area emerge from its longest-ever recession. The nation’s growth was led by private consumption and included the first increase in plant and machinery investment since 2011, signaling the recovery may be sustained.

“The latest business sentiment readings confirm our view that the German economy will be able to maintain a somewhat more moderate but still robust momentum in the second half of 2013, following the exceptional rebound in the spring,” said Alexander Koch, an economist at UniCredit Group in Munich. “Domestic demand should remain a major growth pillar, currently adding to an overall broad-based recovery path.”

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Tansy_Gold Aug 2013 OP
Fuddnik Aug 2013 #1
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