Germany: Economic sentiment picks up in July
Economic sentiment came in at 92.3 in July, up from June’s 92.1. That said, the index remained below the long-term average of 100, pointing to a muted near-term outlook for the economy.
The headline print reflected improved sentiment in the construction sector and among consumers. Moreover, confidence in the services sector rose. That said, July noted worse sentiment in the industrial and retail sectors.
Regarding indicators that are not used to calculate the index, employment expectations deteriorated, while the economic uncertainty index decreased in July.