The ifo Business Climate Index edged downwards from 116.0 points last month to 115.9 points in August, 2017. But sentiment among German businesses remains very strong. The decline was due to slightly less positive assessments of the current business situation. Companies’ short-term business outlook, by contrast, improved. Germany’s economy remains on track for growth.
Ifo Institute is one of Europe‘s leading research institutes and is also the economic research institute most frequently cited in the German media. Information and research is what the ifo Institute has stood for ever since it was founded in January 1949.
In manufacturing the index once again broke last month’s record. Companies were slightly less satisfied with their current business situation, which nevertheless remains strong. They expressed greater optimism about the short-term outlook. In the automotive sector cartel allegations and the diesel affair have not been reflected in the survey results to date, with the business climate index remaining at a very high level.
In wholesaling the business climate deteriorated slightly. This was due to markedly poorer assessments of the current business situation. Business expectations, by contrast, were adjusted slightly upwards. In retailing the index dropped significantly. Retailers were clearly less satisfied with their current business situation. Their optimism about the short-term business outlook also waned. Car dealers were largely responsible for the downswing.
In construction the index continued its record-breaking run. Contractors were far more satisfied with their current business situation. They also expect business to pick up in the months ahead.
| ifo Business Climate for Industry and Trade (Index, 2005 = 100, seasonally adjusted) | ||||||||||||||
| Month/year | 08/16 | 09/16 | 10/16 | 11/16 | 12/16 | 01/17 | 02/17 | 03/17 | 04/17 | 05/17 | 06/17 | 07/17 | 08/17 | |
| Climate | 106.3 | 109.7 | 110.6 | 110.5 | 111.1 | 110.0 | 111.2 | 112.3 | 113.1 | 114.6 | 115.2 | 116.0 | 115.9 | |
| Situation | 112.6 | 115.2 | 115.5 | 115.9 | 117.1 | 117.3 | 118.7 | 119.6 | 121.6 | 123.4 | 124.2 | 125.5 | 124.6 | |
| Expectations | 100.4 | 104.5 | 105.9 | 105.3 | 105.4 | 103.2 | 104.2 | 105.4 | 105.2 | 106.4 | 106.8 | 107.3 | 107.9 | |
| Source: ifo Business Survey. | © ifo Institute | |||||||||||||
| ifo Business Climate by Sector (Balances, seasonally adjusted) | ||||||||||||||
| Month/year | 08/16 | 09/16 | 10/16 | 11/16 | 12/16 | 01/17 | 02/17 | 03/17 | 04/17 | 05/17 | 06/17 | 07/17 | 08/17 | |
| Industry and Trade | 5.8 | 12.3 | 14.0 | 13.8 | 15.0 | 13.0 | 15.3 | 17.3 | 18.8 | 21.8 | 22.9 | 24.6 | 24.4 | |
| Manufacturing | 6.5 | 13.8 | 17.0 | 14.9 | 15.7 | 14.4 | 17.3 | 20.7 | 21.1 | 26.0 | 26.2 | 29.5 | 29.9 | |
| Construction | 5.4 | 9.1 | 9.9 | 10.7 | 12.8 | 10.5 | 7.8 | 9.5 | 11.6 | 13.0 | 12.6 | 14.4 | 17.3 | |
| Wholesaling | 5.7 | 12.1 | 10.3 | 15.4 | 18.3 | 15.1 | 22.4 | 18.6 | 20.0 | 20.4 | 23.7 | 24.2 | 23.6 | |
| Retailing | 2.7 | 8.2 | 8.0 | 9.6 | 9.7 | 6.2 | 4.7 | 6.6 | 13.5 | 11.4 | 16.1 | 11.0 | 5.1 | |
| Source: ifo Business Survey. | © ifo Institute | |||||||||||||
Image source: www.benzinga.com/markets/bonds/13/01/3273900/german-ifo-business-climate-indicator-rises-sends-european-shares-and-eu
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