German Ifo Business Climate
Event Date: Friday, February 23, 2024
Event Time: 09:00 CET
Updated Sunday, February 18, 2024
German business confidence slipped in July to its lowest level in more than six years. The Ifo Institute said its business climate index dropped to 95.7 from an upwardly revised 97.5 in June. The July delivery undershot a forecast for 97.1. It was the fourth monthly drop in a row and the lowest level since April 2013. But, that was not all. The decline continued further and in August this indicator fell to 94.3 points, which shows the sentiment regarding the German economy at the moment. This indicator improved slightly to 94.6 points in September and remained there again in October, so the decline has stopped for now, which is a small positive sign. However, October was revised to 94.7 points and in November it improved further to 95 points. In December, this indicator was expected to jump to 95.6 points but increased further to 96.3 points instead. Forecasts for January were for further improvement, but it softened to 95.9 points due to the outbreak of coronavirus, while it fell to 87.7 points in March and to 74 points in April. But it started to improve in May. It cooled off in the last several months and it fell to 83.4 points but it improved from October until May when it started to turn softer again, with expectations for another decline this month. Please follow us for live coverage of this event by experienced market analysts.
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About German Ifo Business Climate
|Level of a composite index based on surveyed manufacturers, builders, wholesalers, services, and retailers. It is Released monthly, around 3 weeks into the current month. This survey is highly respected due to its large sample size and historic correlation with German and wider Eurozone economic conditions.