“The mood in the German economy is bad,” is the summary of Ifo President Fuest. His institute had previously registered the weakest business climate value in over two years.
The mood in the German economy deteriorated in August for the third month in a row. She’s the worst she’s been in over two years. The Ifo business climate fell by 0.2 points to 88.5 points in a monthly comparison, as announced by the Ifo Institute in Munich. This is the lowest level since June 2020.
“The mood in the German economy is bad,” commented Ifo President Clemens Fuest on the data. He spoke of a high degree of uncertainty among companies. According to Fuest, German economic output is likely to shrink in the third quarter.
In detail, the business climate in the retail sector deteriorated significantly. In industry, the corresponding sub-indicator remained stable in August, while it improved somewhat for construction.
The Ifo business climate is Germany’s most important economic early indicator and is based on a survey of around 9,000 companies.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
