ifo index continues decline

The German ifo business confidence deteriorated again throughout August, German think-tank ifo Institute reported.

Following a less than anticipated decline in July, the business climate index now dropped from 108.3 to 106.2 basis points. Expectations for the six month economic outlook also deteriorated from 102.1 to 100.1 basis points while the assessment of the current situation fell from 114.8 to 112.8.

The decline was most pronounced for the retail sector, where the assessment of the current climate fell from 10.2 to 2.5 basis points, the index for the wholesale sector dropped from 11.8 to 5.6 basis points, manufacturing declined from 9.7 to 6.3 basis points and the industrial sector from 9.6 to 5.6, the only sector which appeared to remain stable was the construction index, where the index for the current climate was at 5.4 basis points.

The monthly ifo index is based on reports from 7000 businesses across Germany.

ABOUT THE AUTHOR
Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

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