IFO’s Economist: German GDP likely to shrink in the 3rd quarter

Following the release of the German IFO Business Survey, the institute’s Economist Klaus Wohlrabe said that the “German GDP likely to shrink in the 3rd quarter.”

Additional quotes

The weak phase of the German economy is going to extended.

German GDP likely to shrink in the 3rd quarter.

Export expectations in the industry have worse slightly, no improvement is expected from the export side.

Delivery straights in industry decrease continuously.

Business climate in construction is the bad since 2010.

Market reaction

EUR/USD was last seen trading at 1.1053, down 0.08% on the day.