German economy ministry says that economic low point has passed

Reaffirms that Germany’s recovery process is just beginning

• Industrial production has passed its lowest point
• Increase in received orders indicates output will pick up in the coming months
• But risks exist particularly in very slack demand from outside the euro area
• There will be GDP growth from Q3 onwards

A positive takeaway from the comments here is that underlying demand within the region is picking up. However, with global trade still largely subdued and that will be a particular concern in terms of aiding the speed of the economic recovery.

Perhaps the end of Q3 and/or Q4 will be more telling in terms of whether or not the world has moved on from the virus crisis in a more meaningful way.

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