Konjunktur: Ifo: Deutsche Exporteure deutlich positiver gestimmt

German exporters are displaying a notably more positive outlook for the future, according to a recent survey conducted by the Ifo Institute. In August, the index surged to a high of 9.6 points, up from minus 2.8 points in July. This marks the highest value since February 2022 and the strongest increase since June 2020, the Ifo announced.

The ongoing Russian invasion of Ukraine, which began in February 2022, has severely impacted the export-oriented German economy. Rising energy costs are among the factors contributing to this strain. However, the export sector is gaining momentum, with EU exports booming while exports to China continue to weaken, said Ifo survey director Klaus Wohlrabe.

Optimism is particularly pronounced among manufacturers of electric equipment, data processing devices, and electronic and optical products. The surge in digitalization and heavy investments in artificial intelligence are cited as reasons for this positivity. Even the automobile industry, which has been significantly affected, now expresses a much more optimistic view of its export prospects.

Manufacturers of metal products are also showing renewed confidence, expecting a decrease in exports. The paper industry and companies in metalworking and processing, on the other hand, anticipate a decline in their export performance.

The Federal Statistical Office reported on Tuesday that Germany's gross domestic product (GDP) grew by 0.3 percent in the second quarter, despite setbacks caused by the Iran war. This growth was primarily driven by strong exports, high corporate profits, and increased construction activity.