Greek crisis not yet hitting orders in Germany

Greece’s debt crisis and eurozone tensions are not yet having any impact on orders but are causing uncertainty, Ifo economist Klaus Wohlrabe told Reuters on Wednesday.

“The Greek crisis is not yet having any impact on order books but it is nevertheless making people uncertain,” he said.

Wohlrabe also said a drop in Ifo’s business climate index to 107.4 in June from 108.5 did not contradict Ifo’s upward revision of its economic growth forecast last week.

The institute said last Wednesday that it expected the economy to expand by 1.9 percent this year, up from its December forecast of 1.5 percent.

Wohlrabe said that he expected the economy to grow by 0.6 percent in the second quarter and 0.4 percent in the third quarter. [Reuters]