Forecasts

Germany – Early Bird remains stable

Our leading indicator for the German economy, the Early Bird, fell slightly by one point to 30 in May. The main factor was the steadily weakening tailwind from monetary policy, which the weaker euro and a more favorable global economic environment were unable to fully offset. Despite the slightly lower May reading of the Early Bird, however, “normal” economic conditions remain above average, and this, together with higher government spending, is likely to largely offset the burdens caused by the Iran war.