MUNICH, June 26 (Reuters) - German private consumption remains a crucial driver of growth in Europe’s biggest economy, Ifo economist Klaus Wohlrabe said on Monday, adding he also sees further room for export growth.
“The German economy is soaring at a high altitude,” Wohlrabe told Reuters.
“Private consumption is and remains one of the most important pillars of the German economy,” he said, adding the industrial sector was also robust.
He expects second quarter growth of 0.7 percent in Germany and said the economic situation in the euro zone looks brighter. Hopes for a ‘soft’ Brexit were so far having no impact on sentiment.
The Ifo index showed German business confidence unexpectedly rising in June to a record high, in a fresh sign that company executives are more upbeat about the growth outlook. (Reporting by Irene Preisinger; Writing by Madeline Chambers)