Germany turns the corner, says Lagarde

European Central Bank president Christine Lagarde. — Bloomberg

BRUSSELS: European Central Bank President Christine Lagarde says the German economy may be starting to recover after being rocked by a series of shocks in recent years.“It looks as if Germany might have turned the corner,” Lagarde said in an interview with CNBC in Washington.

“Industrial production numbers have ramped up, and much higher than what we had expected. So I think we need to see how that consolidates.”

Investor confidence in Germany rose much more than expected in April, adding to fledgling signs of growth following a tough winter.

Industrial production figures have also improved, with output rising for a second month in February, the latest report from the statistics office showed.

The German economy suffered with the slowdown in China and from the loss of cheap gas supplies from Russia following the invasion of Ukraine. — Bloomberg