According to the Bundesbank’s monthly report, German economy is “gradually recovery from the severe slump as a result of the coronavirus pandemic”. After the massive decline in GDP in springs experts expect a “strong countermovement” in Q3. But both industry and service sector would fall well below the pre-crisis level in the summer.
Industrial productions continued its recovery at a slower pace in July Bundesbank assumes that “recovery will continue in the further course of the year, albeit at a slower pace”. Also, expectations regarding export are “still cautious”.
It also noted that unemployment stood steady at 6.4% for the three month in a row. “The recovery tendencies in employment and unemployment could continue”
