The IFO Climate index for industry and trade in Germany fell in October to 103.2 points from 104.7 points in the previous month. Assessments of the current business situation were once again less favourable than last month. Expectations with regard to the six-month business outlook continued to cloud over. The outlook for the German economy deteriorated once again.
In manufacturing the business climate deteriorated significantly. Assessments of the current business situation were markedly less favourable and are now only marginally higher than the long-term average. Business expectations also continued to deteriorate. Capacity utilisation rates fell by 0.3 percentage points to 83.7 percent. Export business expectations, however, was the only area in which manufacturers did express mild confidence.
