German business sentiment improves in AugustChristian Fernsby ▼ | August 25, 2020
German business sentiment improved in August, according to a survey released on Tuesday.
Economy German airport
Ifo Institute president Clemens Fuest said: "The German economy is on the road to recovery."
The German economy contracted by a record 9.7% in the second quarter the statistics office said on Tuesday.
The economic slump was much stronger than during the financial crisis more than a decade ago, and it represented the sharpest decline since Germany began to record quarterly GDP calculations in 1970, the office said.
Still, the reading marked a minor upward revision from an earlier estimate for the April-June period of -10.1% that the office had published last month.
Consumer spending shrank by 10.9% on the quarter, capital investments by 19.6% and exports by 20.3%, seasonally adjusted data showed. ■