dpa-AFX overview: ECONOMY from December 4th, 2023 – 5:00 p.m

ROUNDUP 2/Weak global economy: Exports from Germany are in the doldrums

WIESBADEN – The slump in German exports continued in October. According to the Federal Statistical Office, the value of goods exports fell both compared to the previous month (minus 0.2 percent) and compared to the same month last year (minus 8.1 percent). “Geopolitical risks coupled with the unfortunately still weak global economy are also weighing on demand for products “Made in Germany” in October,” explained Volker Treier, head of foreign trade at the German Chamber of Commerce and Industry. In total, goods worth 126.4 billion euros were delivered abroad.

USA: Industrial orders fall more than expected

WASHINGTON – US industrial orders fell more than expected in October. The US Department of Commerce announced on Monday in Washington that orders fell by 3.6 percent compared to the previous month. Analysts on average had only expected a decline of 3.0 percent. In the previous month, orders rose by a revised 2.3 percent.

ROUNDUP 2 / Nervous test household: Coalition climate beats climate summit

BERLIN – Political Berlin is waiting for white smoke from the Chancellery. For days, Chancellor Olaf Scholz, Vice Chancellor Robert Habeck and Finance Minister Christian Lindner have been struggling behind closed doors to find ways out of the billion-dollar hole in the federal budget. The FDP leader describes the mood as Advent. But very few people in Berlin’s political world really feel contemplative. It is a test of nerves because the Karlsruhe budget judgment calls into question the foundation on which the traffic light coalition is built.

Institute HWWI expects weak economic growth until 2025

HAMBURG – The Hamburg Institute of World Economics (HWWI) is assuming that the German economy will be sluggish for a long period of time. The institute has slightly raised its forecast for the coming year and now expects gross domestic product to decline by 0.3 percent, as the HWWI announced on Monday.

Consumer sentiment is better than it has been for a year

BERLIN – According to the German Trade Association (HDE), consumer sentiment in Germany is currently better than it has been for around a year. The association’s consumption barometer, which is based on consumer surveys, rose to an annual high in December, as the HDE announced on Monday. Accordingly, people are planning more spending again and are investing less in saving.

OVERALL ROUNDUP: Ukraine is threatened with the end of US arms aid at the turn of the year

WASHINGTON – According to the government in Washington, the funds approved by the US Congress for Ukraine will be completely used up by the end of the year. Heavy fighting continued on Monday in the country invaded by Russia and the leadership in Kiev expects massive attacks on the power grid every day.

COP28/Analysis: Hardly any oil and gas states have exit plans

DUBAI – The exit from coal, oil and gas is being hotly debated at the COP28 world climate conference – but according to a current analysis, the majority of oil and gas producing countries have no exit plans yet. As can be seen from the evaluation of the so-called Net Zero Tracker by international research teams published on Monday, only three percent of oil-producing countries have so far had a firm goal of phasing out oil production. The Net Zero Tracker analysis tool was jointly developed by several organizations, including the NewClimate Institute and researchers at the University of Oxford.

Türkiye: Inflation remains above 60 percent

ANKARA – Inflation in Turkey is holding up despite being tighter monetary policy the domestic central bank at a very high level. In November, consumer prices rose by almost 62 percent compared to the same month last year, as the national statistics office announced on Monday in Ankara. This means that the currency devaluation is roughly at the same level as in the previous two months. Analysts had expected a slightly higher rate.

ROUNDUP: Government sticks to citizen benefit increase

BERLIN – Despite the budget crisis, the current status is that the planned increase in citizens’ allowance of around twelve percent will remain at the beginning of next year. In a statement on Monday, Federal Labor Minister Hubertus Heil (SPD) called it “morally irresponsible and incompatible with the constitution” to deny those affected an adjustment of the standard rates. Government spokesman Steffen Hebestreit said: “I don’t know that there are any plans within the federal government to change the legal basis.”

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ROUNDUP: You read a summary in the economic overview. There are several reports on this topic on the dpa-AFX news service.