The weakness of the global economy is reflected in the decline in non-eurozone foreign orders, which tumbled 8.6% in the third quarter compared with the second quarter. Against this backdrop it is not surprising that industrial companies reined in production by about half a percent in the third quarter. On top of this, the construction sector expanded output only marginally. Despite brisk activity in the services sector and a 0.8% increase in retail sales over the preceding quarter, the third quarter is likely to see only subdued growth. With the Ifo test showing business expectations perking up again in industry and in the wholesale sector in October, growth is likely to pick up slightly in the fourth quarter. We still see average GDP growth in Germany of 1.7% in 2015.