German economy ministry says that economic impact of coronavirus cannot be estimated at the moment

Says that risks from abroad have increased due to the coronavirus outbreak

  • German economy is still experiencing a period of weakness
  • Industrial sector remains weak
  • But improved business sentiment suggests some stability in the coming months
  • Impact of virus outbreak on China and trade partners cannot be estimated currently
A couple of general commentary by German lawmakers after the Q4 GDP report earlier. The report saw German economic conditions stagnate in the final quarter of 2019 and the brighter outlook going into this year has been largely tempered by the virus outbreak.
As such, any expected recovery may have to be shelved and that may could mean softer economic conditions in the euro area the longer that the virus continues to impact the Chinese economy and global supply chains.