July 13, 2020 / 1:37 PM / 25 days ago

German economy is recovering from pandemic slump, Bundesbank data shows

FRANKFURT (Reuters) - The German economy is rebounding from a pandemic-induced slump after hitting bottom last month, a real-time indicator developed by the country’s central bank showed on Monday.

Launched in the wake of coronavirus outbreak, the Bundesbank’s Weekly Activity Index is based on data ranging from electricity consumption and air traffic to Google searches and cash withdrawals.

It showed the German economy was still shrinking but, since mid-June, the pace of that contraction had become gentler and gentler.

Specifically, the WAI indicated that economic activity in Germany in the 13 weeks to July 12 was 2.7% lower than in the preceding 13 weeks, the Bundesbank said.

This was an improvement from the previous week’s reading of -3.5% and compared to a low of -7.05% on June 14.

The result is consistent with the latest forward-looking indicator and ECB analysis, which all suggest the European economy bottomed out in the second quarter of 2020.

Reporting By Francesco Canepa; Editing by Balazs Koranyi

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