- German business sentiment in May hit its highest level in two years.
- The rise was largely driven by the retail and services sectors where business sentiment bounced back to pre-crisis levels.
- The combination of less restrictive measures and the unloading of pent-up demand of private households will lead to a strong rebound in German GDP, probably in the third quarter.
- Momentum in manufacturing and construction remained brisk. However, the warning signals in the form of supply bottlenecks of raw materials and intermediate goods are conspicuous and still need to be closely tracked.
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