CESifo Group Munich – Ifo Business Climate Index in Further Decline
In manufacturing the business climate index fell to its lowest level since July 2013. The current business situation was assessed less favourably for the third time in succession. The outlook for the coming months also deteriorated noticeably. Less stimulus is expected from export business.
In wholesaling the business climate index fell to its lowest level in a year. The wholesalers were significantly less satisfied with their current business situation. The majority of expectations are now slightly pessimistic for the first time since July 2013. In retailing as well, the business climate deteriorated significantly. The assessments of the current situation took a clear turn for the worse. Future business developments were again assessed somewhat more sceptically.
In construction the business climate index rose slightly. The construction companies were slightly more satisfied with their current situation than in July. In addition, they are slightly more optimistic regarding the business outlook.
