- Title: IFO index rises to new record high - IFO economist
- Date: 25th July 2017
- Summary: MUNICH, GERMANY (JULY 25, 2017) (REUTERS) EXTERIOR OF IFO INSTITUTE IN MUNICH SIGN READING "IFO INSTITUTE" IFO INSTITUTE ECONOMIST KLAUS WOHLRABE BEING INTERVIEWED CLOSE OF WOHLRABE'S HANDS (SOUNDBITE) (German) IFO INSTITUTE ECONOMIST, KLAUS WOHLRABE, SAYING: "The IFO index has risen to a new record high for the third time in a row since (German) reunification. The German economy is doing extremely well at the moment. Hardly anything seems to be able to hit the German economy at the moment, no crisis or uncertainty seems to affect it." IFO LEAFLETS ON TABLE (SOUNDBITE) (German) IFO INSTITUTE ECONOMIST, KLAUS WOHLRABE, SAYING: "Whether the German economy is simply too good, or whether this is only a high in optimism without seeing the hard facts, is a big concern. However, we have seen industrial production rising sharply in April and May, as the IFO index predicted. We expect the second quarter to grow strongly. And if that is the path that it will follow this year, then we see a growth rate well above what we had last year." IFO LOGO ON LEAFLET (SOUNDBITE) (German) IFO INSTITUTE ECONOMIST, KLAUS WOHLRABE, SAYING: "Last year people thought the diesel scandal would hurt the German car industry but that didn't happen. Fewer diesels were bought, but the German car industry continued to do very well. The current cartel scandal will further harm the image of the German car industry. But at least for now we do not see any impact in the short term. I don't think the German car buyer will buy fewer VWs because of it. But in the mid-term we are of course expecting higher penalties which will mainly affect the margin of car manufacturers." IFO LOGO (SOUNDBITE) (German) IFO INSTITUTE ECONOMIST, KLAUS WOHLRABE, SAYING: "The tensions with Turkey are mainly detrimental to Turkey and not so much to the German economy. Turkey is much more dependent on Germany than the other way around. In other words, there will certainly be minor adjustment processes, but this is less of a hindrance for the German economy." WOHLRABE BEING INTERVIEWED
- Embargoed: 8th August 2017 10:49
- Keywords: Germany IFO strong economy
- Location: MUNICH, GERMANY
- City: MUNICH, GERMANY
- Country: Germany
- Topics: Economic Events
- Reuters ID: LVA0016R7SNF1
- Aspect Ratio: 16:9
- Story Text: The German IFO index reached the third record high for the third time in a row, an economist at the IFO institute told Reuters on Tuesday (July 25) after the Munich-based research centre released its monthly survey showing business confidence.
"Hardly anything seems to be able to hit the German economy," economist Klaus Wohlrabe said, adding that German business was experienced in managing the impact of exchange rate moves.
Neither Brexit, nor the policies of U.S. President Donald Trump's administration in the United States, nor threats to legal security in Turkey were currently acting as a drag on German business, he said.
- Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None