German business morale rises as ‘downturn takes a breather’

Wednesday, 25 September 2019 00:00 - - {{hitsCtrl.values.hits}}

The skyline with its financial district is photographed early evening in Frankfurt, Germany, 8 October 2018 – Reuters

BERLIN (Reuters): German business sentiment rose in September as companies took a better view of current conditions but their expectations deteriorated as Europe’s largest economy teeters on the brink of recession, a survey showed on Tuesday.

The Ifo institute said its business climate index rose to 94.6 from 94.3 in August. The September reading compared with a consensus forecast for 94.4. “The downturn is taking a breather,” Ifo President Clemens Fuest said in a statement.

Growth dynamics in Germany’s economy have deteriorated but Germany is not in a recession, German Economy Minister Peter Altmaier said on Tuesday.

“We are not in a recession,” the Minister told journalists in Berlin.