The German economy in July 2019 – Recession ahead?

Returning from the summer holidays, the German economy does not look any better than in the previous month (here). The German GDP showing a (mild) contraction in the second quarter (cf. below), proves right the gloomy outlook of this post since September of last year (here). But, let’s look into it in some more detail:

„The German economy in July 2019 – Recession ahead?“ weiterlesen

The German economy in June 2019 – summertime

Going into the summer (holidays) the outlook for the German economy is not good – to put it neutral: As already sketched out in May (here), Germany’s economic data shows some severe cracks and it seems indeed that the (recessionary) train is now advancing fast. Let’s look into it in some more detail:

„The German economy in June 2019 – summertime“ weiterlesen

Morning Briefing – 3. Juli 2019 – Unternehmenskredite // China // Capex // Industrieproduktion

Guten Morgen,

Gestern war wieder so ein Tag, wo man denkt, „ist denn schon wieder 1. April?“ Frau von der Leyen – als Chefin der EU-Kommission (hier). Und ja, Frau Lagarde als neue EZB-Chefin (hier). Super Sache, die Franzosen und Italiener glücklich – und die Deutschen zahlen. Nun ja, nicht nur, dass ich in dem Fall meine Wette verliere (ich hatte ja gewettet, dass kein(e) Deutche(r) einen EU-Spitzenjob bekommt (hier)) – so ein Desaster hätte ich mir in meinen schlimmsten Alpträumen nicht ausgemalt. Das ich den Herren Söder & Schulz mal Recht gebe, hätte ich auch nicht gedacht, aber jetzt ist es soweit (hier). Einige Politiker sollten tatsächlich mal in ihren Reden von VOR der Europawahl schauen, was sie so alles von sich gegeben haben. 

„Morning Briefing – 3. Juli 2019 – Unternehmenskredite // China // Capex // Industrieproduktion“ weiterlesen

The German economy in May 2019 – severe cracks

It seems that the silver lining at Germany’s economic sky in March (here) and April (here) were indeed nothing more as the lights of the (recessionary) train advancing fast. Already a superficial review of Germany’s economic data shows some severe cracks in the success story of the last years – although it still stands to question whether an actual downturn is already „around the corner“. Still some indicators (insolvencies, ZEW) are positive:

„The German economy in May 2019 – severe cracks“ weiterlesen

The German economy in April 2019 – Recovery! Really?

The silver lining at Germany’s economic sky anticipated in my March monthly (here) got even brighter in April 2019. But, as we will see in the following, the positive development hinges on particular factors, which might not last long. But let’s go through the data in the usual order:

„The German economy in April 2019 – Recovery! Really?“ weiterlesen

The German economy in March 2019 – touching (at) base?

While in February, the German economy presented disappointing early indicators (here), March 2019 seemed to confirm the downturn. However, as we will see, between end of March and now mid-April the business climate changed somewhat:

„The German economy in March 2019 – touching (at) base?“ weiterlesen

The German economy in February 2019 – disappointing early indicators

In February 2019, the German economy – if not paralysed (as in the last month, cf. here) – presented disappointing early indicators such as orders and production while other (rather lagging) indicators such as unemployment or corporate insolvencies still show record-low-levels. Let’s look at the development in more detail: 

„The German economy in February 2019 – disappointing early indicators“ weiterlesen

Morning Briefing 12. März 2019 – Konjunktur // Unternehmen // Arbeitslosigkeit

Guten Morgen, 

Noch 17 Tage und der Rest von heute – bis zum Brexit (hier geht’s zur Brexit-Uhr) und in der Nacht gab es scheinbar ein „Durchbrüchchen“. Die EU hat den gefürchteten „Backstop“ (mehr dazu hier) zu Gunsten der Position der Briten (etwas) entschärft (hier). Ob das reicht, wird sich bei der erneuten Abstimmung des „Deals“ heute Abend im britischen Parlament erweisen.

„Morning Briefing 12. März 2019 – Konjunktur // Unternehmen // Arbeitslosigkeit“ weiterlesen

The German economy in January 2019 – Paralysis?

Although indications that the German economy ended 2018 in negative territory kept piling up (cf. here for the previous month), the sentiment indicators’s downward path of earlier months accelerate in sync with the industrial production and orders, Destatis just announced that the German economy „only“ stalled in the last quarter of 2018. Let’s look at the development in more detail: 

„The German economy in January 2019 – Paralysis?“ weiterlesen

The German Economy in December 2018 – Recession, anybody?

First of all, I wish all of you a Happy New Year and hope that you had a Merry Christmas with some time to lay back and relax after a year of relentless growth in Germany. The new year, though, does not paint a too glossy picture: Not all figures are in, but it seems that the economy stopped growing at the end of 2018. Also the sentiment-indicators are now facing south in sync and for months in a row and the DAX has reached „bear-territory“ at the end of the year.  „The German Economy in December 2018 – Recession, anybody?“ weiterlesen