(RTTNews.com) - Germany's better-than-expected improvement in business confidence, as the Ifo survey for March showed, indicates that the economy remains resilient to threats from the deepening Eurozone debt crisis and surging oil prices, Timo Klein, senior German economist at IHS Global Insight, said in a note Monday.
IHS Global Insight said that the German economy is set to strengthen during the course of 2012, though the annual growth is likely to ease from last year.
The firm forecasts the annual average economic growth to slow to 0.7 percent this year from 3.1 percent last year, and then to accelerate to 1.6 percent in 2013.
According to the economist, German's economy continues to be supported by low interest rates and exports profit from persistently solid global growth and fairly subdued euro levels.
Data from the Ifo Institute today showed that business confidence rose to a better-than-expected 109.8 in March from 109.7 in February, marking the fifth consecutive growth.
The expectations sub-index also increased for the fifth month in succession, indication that there is no renewed setback.
Meanwhile, the current conditions sub-index stagnated, failing to extend its February rebound.
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IHS Global Insight said that the German economy is set to strengthen during the course of 2012, though the annual growth is likely to ease from last year.
The firm forecasts the annual average economic growth to slow to 0.7 percent this year from 3.1 percent last year, and then to accelerate to 1.6 percent in 2013.
According to the economist, German's economy continues to be supported by low interest rates and exports profit from persistently solid global growth and fairly subdued euro levels.
Data from the Ifo Institute today showed that business confidence rose to a better-than-expected 109.8 in March from 109.7 in February, marking the fifth consecutive growth.
The expectations sub-index also increased for the fifth month in succession, indication that there is no renewed setback.
Meanwhile, the current conditions sub-index stagnated, failing to extend its February rebound.
nasdaq.com
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