Contradictory messages from the Ifo – which was very weak in May – and the Composite PMI mean the performance of the German economy in Q2 is uncertain. But regardless of how well the economy held up this quarter, we still expect it to be very weak further ahead in 2023.
(Note that Refinitiv initially incorrectly reported the outturns for the Ifo current conditions and expectations indices. This led to some incorrect numbers being quoted in our e-mailed Rapid Response. The correct numbers are provided in this publication.)
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