IFO: Tysk erhvervstillid på forventninger dykker videre ned

Fra IFO.de

In manufacturing, the business climate index fell once again. While the indicator of the current situation is still above its long-term average, it has now been falling for over a year. As to business expectations, last month’s ray of light has disappeared. Industrial companies’ pessimism grew, due primarily to shrinking order books.

In the services, the business climate worsened, driven by noticeably less optimistic expectations. In contrast, service providers were more positive in their assessment of the current business situation.

In trade, the index rose. Companies were more satisfied with their current situation. They were also more confident about the coming months. For wholesalers, the improvement was stronger in the index of expectations; for retailers, it was the indicator of the current business situation that rose more.

In construction, the business climate index fell, but remains at a high level. Companies’ assessment of their current situation worsened. Their business expectations for the coming six months also fell.

Clemens Fuest
President of the ifo Institute

ifo Business Climate Germany

(Index, 2015 = 100, seasonally adjusted)

06/18 07/18 08/18 09/18 10/18 11/18 12/18 01/19 02/19 03/19 04/19 05/19 06/19
Climate 102.1 102.2 104.2 103.9 102.9 102.3 101.2 99.6 98.8 99.7 99.3 97.9 97.4
Situation 105.4 106.4 107.4 107.4 106.4 106.2 105.4 104.7 103.9 104.1 103.5 100.7 100.8
Expectations 98.9 98.2 101.0 100.5 99.4 98.6 97.2 94.8 94.0 95.6 95.3 95.2 94.2

Source: ifo Business Survey.
© ifo Institute

ifo Business Climate Germany and by Sector

(Balances, seasonally adjusted)

06/18 07/18 08/18 09/18 10/18 11/18 12/18 01/19 02/19 03/19 04/19 05/19 06/19
Germany 23.2 23.5 27.7 27.2 24.9 23.8 21.3 17.8 16.0 18.0 17.1 14.1 13.0
Manufacturing 24.2 23.0 24.3 23.7 18.9 18.0 15.0 11.4 9.2 6.7 4.1 3.9 1.5
Service Sector 26.3 28.1 33.3 33.6 31.9 31.6 27.6 25.0 21.7 26.4 26.5 21.0 20.0
Trade 10.9 10.8 10.9 11.9 10.8 10.1 9.5 4.7 4.6 8.3 7.2 5.4 7.9
Construction 20.1 27.7 29.5 31.7 32.1 28.9 28.6 19.9 18.1 21.5 21.8 24.3 22.9

Source: ifo Business Survey.
© ifo Institute

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