The mood in the German economy remains positive. The Ifo Business Climate Index for German industry and trade dropped to 106.6 points in April from 106.7 points in March. Although companies were somewhat less satisfied with their current situation, their business expectations brightened once again. The moderate upturn in the German economy continues.

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In manufacturing the business climate improved in April. While manufacturers scaled back their assessments of the current business situation marginally, they were slightly more optimistic about the months ahead. Production plans were ramped up significantly. Capacity utilisation, by contrast, dropped by 0.7 percentage points to 84.4 percent, with the food industry having the greatest impact. Overall, however, capacity utilisation remained one percentage point above the long-term average.

In both wholesaling and retailing the business climate index fell markedly, but nevertheless remains considerably above the long-term average. Firms at both levels of trade were less satisfied with both their current situation and their business outlook.

In construction the business climate index turned positive. This was mainly due to far better assessments of the current business situation. Contractors, however, were slightly less optimistic about their business outlook for the months ahead.

Prof. Dr. Clemens Fuest
President of the Ifo Institute

Ifo Business Climate Germany (Index)

Image Ifo Business Climate Germany (Index)

Business Situation and Expectations by Sector (Balances)

Image Business Situation and Expectations by Sector (Balances)

Ifo Business-Cycle Clock Manufacturing Industry

Image Ifo Business-Cycle Clock Manufacturing Industry

Ifo Business-Cycle Clock Industry and Trade

Image Ifo Business-Cycle Clock Industry and Trade

Ifo Business Cycle Traffic Lights Industry and Trade

Image Ifo Business Cycle Traffic Lights Industry and Trade

Time series

Ifo Business Climate Germany (Index, 2005 = 100, seasonally adjusted)
04/15 05/15 06/15 07/15 08/15 09/15 10/15 11/15 12/15 01/16 02/16 03/16 04/16
Climate 108.4 108.6 107.7 108.2 108.4 108.6 108.2 109.1 108.7 107.3 105.7 106.7 106.6
Situation 114.0 114.6 113.5 114.1 115.0 114.1 112.8 113.5 112.9 112.6 113.0 113.8 113.2
Expectations 103.2 102.9 102.1 102.5 102.3 103.3 103.8 104.8 104.6 102.3 99.0 100.0 100.4
Source: Ifo Business Survey
Ifo Business Climate Germany by Sector (Balances, seasonally adjusted)
04/15 05/15 06/15 07/15 08/15 09/15 10/15 11/15 12/15 01/16 02/16 03/16 04/16
Trade and Industry 8.6 10.3 10.2 8.4 9.3 9.9 10.1 9.5 11.1 10.3 7.7 4.5 6.5
<nbsp;><nbsp;>Manufacturing 13.7 13.8 11.3 11.8 11.2 10.3 9.8 12.4 12.4 8.1 3.7 5.4 6.5
<nbsp;><nbsp;>Construction -5.2 -4.5 -3.4 -4.0 -2.6 0.3 0.5 2.1 1.0 -0.3 0.4 -0.5 0.2
<nbsp;><nbsp;>Wholesaling 12.6 10.2 8.0 14.4 13.4 13.9 13.9 15.3 11.9 13.1 12.4 13.4 10.6
<nbsp;><nbsp;>Retailing 2.6 7.2 6.0 4.4 10.9 14.7 10.9 8.3 7.4 7.3 4.5 10.8 6.7
Source: Ifo Business Survey

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