Germany: Growth downgraded, but IFO holds up - ANZ

Final data for Q3 GDP showed the German economy grew by 0.2%, down from 0.4% and 0.7% in Q2 and Q1 respectively as noted by the Research Team at ANZ.

Key Quotes

“The underperformance was concentrated in a 0.6% q/q drop in machinery and equipment investment and softness in the external sector. Exports fell 0.4% q/q and net trade subtracted 0.3% from growth.”

“The November IFO survey came in as expected at 100.4, unchanged from October. The current assessment sub-index rose to 116.6 (115.1) and the expectations index dipped to 105.5 (105.9).”