ifo outlook beats expectations
Business confidence in Germany continued to improve throughout October, according to the latest monthly ifo Index, which rose from 109.5 to 110.5 basis points compared to the previous month.
Optimism was particularly pronounced in the manufacturing and construction sector, with the month-on month indices rising from 13.3 to 16.7 and from 9.3 to 10.2.
Meanwhile, the index for the wholesale sector declined somewhat, from 11.6 to 9.8, however, it remained above its long-term average. The assessment of the retail sector remained relatively stable, moving from 7.9 to 7.8 basis points.
Given the overall positive data, the six-month outlook improved from 104.5 to 106.1 basis points.
The monthly poll is based on a nationwide survey among more than 7000 businesses representing the manufacturing, construction, wholesale and retail industry.