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The German people’s sentiment continues to suffer from soaring energy and food prices, the shadow of war in Ukraine and the morose sentiment thereto.
[See the full post at: Germany Consumer Sentiment Hits All Time Low with Recession and Natural Gas Shortage Fears]Germany’s Q2 GDP was revised higher by ten basis points after the flash reading showed no growth.
Germany’s economy ministry warned that it sees future problems with the supply of coal for power plants and the supply of oil for the eastern part of the country.
Economists from Germany’s ifo Institute warned that the risk of recession remains present, though supply chain bottlenecks eased in August.Germany’s Q2 GDP 0.1% qtr/qtr (expected 0.0%; last 0.2%); 1.8% yr/yr (expected 1.5%; last 1.5%).
August ifo Business Climate Index 88.5 (expected 86.8; last 88.7).
August Current Assessment 97.5 (expected 96.0; last 97.7)
Business Expectations 80.3 (expected 79.0; last 80.4)Germany September GfK consumer sentiment -36.5 vs -31.8 expected Prior -30.6; revised to -30.9
Soaring energy prices continues to push German consumer sentiment to new lows as households brace for power bills that could go through the roof
GfK notes
“Fear of significantly higher energy costs in the coming months is forcing many households to take precautions to put money aside for future energy bills.”
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