February 22, 2018 / 9:37 AM / in a year

Ifo says euphoria gone but German economy still humming

FILE PHOTO: Cars and containers are pictured at a shipping terminal in the harbour of the German northern town of Bremerhaven, Germany, late October 8, 2012. REUTERS/Fabian Bimmer/File Photo

MUNICH, Germany (Reuters) - German companies are less euphoric about the economy than in the last few months but it is too early to talk about a fundamental shift, Ifo economist Klaus Wohlrabe said after a fall in the institute’s business confidence index.

“I would not yet speak of a change in the underlying trend, the German economy is still doing very well, but some of the steam has been let off,” he told Reuters.

He saw a clear decline in demand for industrial goods and said conservative Chancellor Angela Merkel’s coalition deal with the center-left Social Democrats (SPD) was no cause for “jubilation” as big tax reforms were not on the agenda.

“Companies are barely mentioned (in the deal). Businesses are rather sober about it,” said Wohlrabe.

Reporting by Alexander Huebner; Writing by Madeline Chambers; Editing by Paul Carrel

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