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Ifo economist says virus, bottlenecks hit German economy

Reuters
Updated ·1-min read
FILE PHOTO: The spread of the COVID-19 pandemic continues in Frankfurt

BERLIN (Reuters) - German retailers are suffering from the impact of a fourth wave of the coronavirus pandemic, half of manufacturers are expecting price increases and industry export expectations have fallen, Ifo economist Klaus Wohlrabe said on Friday.

"Father Christmas has fewer presents for the German economy this time, partly because not everything can be delivered," Wohlrabe told Reuters.

"Procurement problems for raw materials and intermediate products have worsened," he said, but added expectations in the industrial sector have risen as order books continue to fill: "That is a silver lining on the horizon."

(Reporting by Rene Wagner; Writing by Paul Carrel; Editing by Maria Sheahan)