Confidence among German exporters improved in May after officials within the country and around the world eased lockdown measures.
An Ifo gauge measuring trade expectations among manufacturers jumped by a record but remained below zero, indicating that pessimism receded even though it was still the prevailing sentiment. Companies in nearly all sectors continue to see declining exports, according to a survey of some 2,300 firms.
Carmakers reported the biggest jump in expectations, while pessimism also eased significantly in the electronics industry.
Germany’s export-heavy economy has suffered less from the implications of the coronavirus pandemic than its European services-reliant peers. The Bundesbank predicts a recovery should start in the current quarter as shops and factories reopen. Still, output is shrink more than 6% this year.
©2020 Bloomberg L.P.
