GERMAN DATA
The Bundesbank weekly activity index for the week of June 17-23 came in at +0.05 (vs +0.145 prior, basically unrevised) and implies a quarterly GDP growth rate for Germany of +0.4% in the 13 weeks up to June 23 (on a rolling, 13 week/13 week basis).
- After printing close to neutral levels in early 2024 but having printed stronger in more recent weeks, the latest print points towards a slight slowdown in activity. Bear in mind that the index will get revised, however, as more data comes in, and these revisions can be material.
- This underpins the narrative introduced recently on the back of weaker PMI / IFO data that short-to-medium term growth in Germany is set to be more sluggish than previously expected.
- The WAI fluctuates around its long-term mean of 0. Positive values indicate above-average growth in real economic activity, while negative values signal a below average increase or a decline in economic output. The index takes into account data on electricity consumption, truck mileage, flight activity, foot traffic, air pollution, credit card payments, as well as German google searches for "unemployment", "short-time work", and "state support".
MNI, Bundesbank
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