The economic mood has not improved. Quite the opposite.
The mood in the German economy unexpectedly deteriorated further in July. The Ifo business climate fell by 1.6 points to 87.0 points, as the Ifo Institute announced in Munich on Thursday. Analysts, however, had expected an improvement in sentiment and had assumed an average of 89.0 points. This is the third consecutive decline in the most important German economic barometer. “The German economy is stuck in the crisis,” commented Ifo President Clemens Fuest.
The approximately 9,000 companies surveyed rated the prospects for their future business significantly worse. The assessment of the current situation was also weaker than in the previous month. The business climate in the manufacturing sector has fallen significantly. The values fell in trade, in the services sector and in construction.
Source: Stern
