"It's a catastrophe for the German economy"! Companies fear massive damage - most especially, the nearly 2500 German firms that manufacture in Britain. German exporters have to brace for major losses in revenues.
The Federation of German Industries (BDI) has urged businesses in this country to draw up plans for an unregulated exit of Britain from the EU, meaning the UK leaves the bloc without a deal to shape future relations.
German consumer confidence is expected to hit a 16-year-high in August. The GfK indicator echoes similarly positive business trends, giving Chancellor Angela Merkel a welcome fillip before the election in September.
The German economy has picked up only moderately in the third quarter, the statistics office has reported. Private consumption was the main driver of GDP expansion, while exports suffered from a global trade slump.
Amid fears that Catalonia could announce it is breaking away from Spanish rule on Monday, German firms are anxious about their investments. Alone in 2015, Germany invested half a billion euros in the autonomous region.
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