It’s the German Economic Miracle, II!
Oh, probably not. But some positive developments as summarized in Der Spiegel, “‘The End of the World Has Been Cancelled’“:
There was a very pleasant surprise in store for the German economy with the release of national manufacturing statistics for May: Orders were 4.4 percent higher than in April. The figures, released by Germany’s Economics Ministry on Tuesday, surprised analysts who had only predicted a gain of 0.5 percent. They also made May the third successive month in which orders rose. Additionally business confidence was up and there were also positive signals coming out of the steel industry and from medium-sized businesses. The German stockmarket reacted to the positive news and the DAX went up, although it gave up some of those gains later in the day.
And all of this was considered the first solid indicator of an ongoing change for the largest economy in the euro zone, where Europe’s common currency is used. It led to optimism in some German quarters, with Commerzbank analyst Dr Ralph Solveen, going so far as to say, “the end of the world has been cancelled, businesses are beginning to re-stock.”
- New York Times, “German Industrial Output Gains as Britain’s Falters“
- Forbes, “German May industry output rise strongest in 16 yrs“
- Bloomberg, “German Factory Orders Rose Most in Two Years in May
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