By Nina Adam
FRANKFURT--German business sentiment was steady in November, a sign that the country's economic upturn remains intact, the Ifo institute said Thursday.
"The German economy seems to be unfazed by the election of Donald Trump as U.S. President," said Ifo President Clemens Fuest, following the publication of the Ifo's monthly survey of about 7,000 companies.
The Ifo business climate index came in at 110.4 points in November, unchanged from October and broadly in line with analysts' forecasts. The October figure, however, was revised down from 110.5 previously reported.
German companies were more satisfied with their current business situation, but trimmed their outlook for the coming sixmonths. In the manufacturing sector, this was due to "less dynamic export prospects," said Mr. Fuest.
Earlier Thursday, the Destatis statistics office confirmed that Germany's gross domestic product grew at a quarterly clip of 0.2% in the third quarter, or an annualized rate of 0.8%. It was the lowest expansion rate in a year and well below the U.S.'s annualized growth rate of 2.9%.
Most private-sector economists expect a slight pickup in German GDP growth in the fourth quarter, but caution that the risks of heightened protectionism under a Donald Trump presidency as well as the U.K.'s pending exit from the European Union threaten to dent Germany's export prospects.
Write to Nina Adam at email@example.com
(END) Dow Jones Newswires
November 24, 2016 04:47 ET (09:47 GMT)
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