German export outlook boosted by cheap Euro
Expectations for German exports improved for the third month in a row, providing a potential boost for German economic growth in 2015.
The index for export expectation, based on reports from 2700 exporting companies in Germany, has increased from 6.3 to 7 points MoM in December.
“The declining exchange rate of the Euro benefits the German export sector. Yet again, economy recovery in Germany is driven by exports” comments ifo president Hans Werner Sinn.
While the ifo index for export expectations has improved consistently over the past three months, it is still much lower compared to the 15.9 points seen at the beginning of 2014.