The German industry outlook for exports has risen to a six year high, according to the latest survey conducted by Munich-based ifo Institute.
The data, which is based on a monthly collection of 2700 industry reports, revealed that the export outlook improved from 18.9 basis points to 20.9 basis points, bringing it to the highest level since February 2000.
The growth in optimism is reflected in all industries surveyed, ranging from the metal and textile industries which continued their already positive forecast, as well as the previously struggling car manufacturing industry, which is now also somewhat more optimistic.
According to the ifo Institute, a key driver of improving growth forecasts was the stable economic backdrop in the Eurozone. ECB president Mario Draghi confirmed at the most recent monetary policy committee meeting that real GDP increased by 0.7% quarter on quarter, in the second quarter of 2017, after 0.6% in the first quarter.
The EU is Germany’s most important export partner, about 59% of all German exports are sent to other EU member states.