German business morale fell for the second month running in August. While the economy grew more than expected in the second quarter, authorities have warned of a fourth wave of infections which has the business community nervous
Ifo economist Klaus Wohlrabe told Reuters the outlook for that period gave cause for concern as 70% of industrial businesses surveyed complained about supply chain bottlenecks.
"The decline in German companies' exports to China in July is a sobering sign," said Volker Treier, head of foreign trade at the DIHK Chambers of Industry and Commerce, adding that shipping problems were disrupting international supply chains.raised its 2021 profit forecast after strong quarterly results, but said the global semiconductor chip shortage and rising raw materials prices would hurt its performance in the second half of the year.
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