German business confidence remained stable in November, suggesting that the economy gathered some momentum at the end of the year, after slowing in the third quarter.

Latest official figures confirmed that third quarter growth softened as initially estimated as domestic demand was not strong enough to offset the decline in foreign demand.

The business climate index held steady at 110.4 in November. The October reading was revised down from 110.5.

Firms were once again more satisfied with their current business situation, but with regard to the coming months they are somewhat less optimistic, the survey showed.

The current situation index rose to 115.6 from 115.1 a month ago. Economists had expected the score to remain unchanged at October's originally estimated value of 115.0.

The expectations index dropped to 105.5 from a revised 105.9 in the previous month. The score was forecast to fall slightly to 106 from October's initial score of 106.1.

The survey added to the evidence that the economy has performed fairly well so far in the fourth quarter, Jack Allen, a European economist at Capital Economics, said. However, he expects growth to slow next year, putting pressure on the European Central Bank to loosen policy further.

The German economy seems to be unfazed by the election of Donald Trump as US President, Ifo said.

According to the detailed data from Destatis, gross domestic product expanded 0.2 percent sequentially, slower than the 0.4 percent growth seen in the second quarter. The quarter-on-quarter growth came in line with the estimate published on November 15.

On a yearly basis, calendar-adjusted GDP growth eased marginally to 1.7 percent from 1.8 percent. The price-adjusted GDP climbed 1.5 percent after rising 3.1 percent in the second quarter. Both figures matched the preliminary estimates.

The expenditure-side breakdown of GDP showed that household spending grew 0.4 percent, faster than the 0.2 percent expansion seen a quarter ago. Meanwhile, growth in government expenditure eased to 1 percent from 1.2 percent.

On the other hand, gross fixed capital formation stagnated. While investment in construction rose 0.3 percent, capital formation in machinery and equipment decreased 0.6 percent.

Foreign trade, too, had a downward effect on German economic growth. Exports dropped 0.4 percent, while imports grew 0.2 percent.

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