For the first time in one and a half years, the consumer confidence in Germany fell in August, a sign that the geopolitical meds Cialis Extra Dosage tensions are starting to weigh on consumer sentiment. This also reflects the grim prospects for economic recovery across the EU.
GfK consumer confidence
index, which uses data from the current month to estimate data for the next, fell from 8.9 in August to 8.6 in September – the sharpest decline since the index was created
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Consumer confidence figures come after discouraging business confidence and economic data. Germany’s Business Climate Index, based on a survey of 7,000 executives, fell to 106.3 in August from 108 in July. Europe’s biggest economy has shrunk 0.2 percent in the second quarter after it had grown 0.7 percent in the first quarter.
These are all clear signs that Germany, Europe’s economic powerhouse and the leader of the continent’s economic revival last year, is suffering from the crisis in Ukraine.
Germany has been Russia’s second biggest trading partner after China, and Russia is Europe’s third largest. There’s no doubt that sanctions imposed on Russia and Russia’s retaliatory measures on imports will have a huge impact on Germany and across the EU in the near future.
If predictions of 25 percent decline in German exports to Russia come true, “It will affect some 50,000 workplaces in Germany,” said Eckhard Cordes, chairman of Germany’s Committee on Eastern European Economic Relations.
Poor GDP growth in the Eurozone was mainly caused by the sanctions against Russia, said Michael Mross, chief editor of MMNews.de website.
“Almost every big German company has close business ties with Russia,” Mross said, “everybody is suffering more or less. In the end of the day, this has not only psychological effect, but a business effect,” he said.
Russia is also hurting. Its economy is nearing a recession with low levels of growth and fears of coming inflation. No wonder the Central Bank of Russia has been one of the world’s biggest buyers of gold. The Russians seem to believe in the notion that gold is the best protection in times of great uncertainty.
Image by Kremlin.ru