IFO: German Industrial Sector Raises Economic Outlook

The German economy is heading for improvement, and that sentiment has improved in the industrial sector, in particular, said Klaus Vollerbe, an economist at IFO, on Monday.

He added that companies had revised production plans upwards and had increased export expectations for the industry.

“The German economy is looking towards recovery again,” Ifo economist Klaus Wohlrabe told Reuters.

He added that corporate morale had also improved in the construction, retail and service sectors, and travel agencies and tourism companies were showing a slight optimism for the first time in more than a year.

And a survey on Monday showed that German business sentiment rose much more than expected in February, reaching its highest level since October after the industrial sector supported Europe’s largest economy despite lockdown restrictions.