The Ifo Business Climate Index in Germany rose to 96.3 in December 2019 from a revised 95.1 in the previous month, easily beating market expectations of 95.5. That was the highest reading since June, boosted by an improvement in companies' assessment of the current situation (98.8 vs 98.0 in November), as well as their expectations (93.8 vs 92.3). Across sectors, sentiment improved among manufacturers (-5.0 vs -5.8) and service providers (21.3 vs 17.4), but deteriorated among traders (0.0 vs 0.9) and constructors (17.9 vs 20.3). Business Confidence in Germany averaged 98.09 points from 1991 until 2019, reaching an all time high of 109.80 points in January of 1991 and a record low of 80.10 points in March of 2009. source: Ifo Institute

Business Confidence in Germany is expected to be 95.90 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Business Confidence in Germany to stand at 99.00 in 12 months time. In the long-term, the Germany Ifo Business Climate Index is projected to trend around 102.00 points in 2020, according to our econometric models.

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Germany Ifo Business Climate Index

Actual Previous Highest Lowest Dates Unit Frequency
96.30 95.10 109.80 80.10 1991 - 2019 points Monthly
2015=100, SA



Calendar GMT Actual Previous Consensus TEForecast
2019-09-24 08:00 AM Sep 94.6 94.3 94.4 94.4
2019-10-25 08:00 AM Oct 94.6 94.6 94.5 94.2
2019-11-25 09:00 AM Nov 95.0 94.7 95.0 95.1
2019-12-18 09:00 AM Dec 96.3 95.1 95.5 95.9
2020-01-27 09:00 AM Jan 96.3 96.7


News Stream
2019-11-25
German Business Climate Improves Slightly
The Ifo Business Climate Index in Germany rose to 95.0 in November 2019 from a revised 94.7 in the previous month, matching market expectations. Companies’ assessment of the current situation was slightly better (97.9 vs 97.8 in October), while their expectations were also less pessimistic (92.1 vs 91.6). Across sectors, sentiment improved among service providers (17.3 vs 16.7) and traders (0.9 vs -3.3) amid signs that business will be very good this Christmas. Meanwhile, confidence among manufacturers continued to deteriorate (-5.9 vs -5.3) as companies still find their current order backlog very disappointing and as they are planning further production cutbacks. Morale among constructors was also weaker (20.4 vs 21.0).

2019-10-25
German Business Morale Remains Near 7 Year Low
The Ifo Business Climate Index in Germany was at 94.6 in October 2019, unchanged from the previous month, remaining close to its lowest level since November 2012 and slightly above market expectations of 94.5. The business expectations sub-index rose to 91.5 from 90.9 in September, while the gauge of current conditions declined to 97.8 from 98.6. Across sectors, sentiment improved among manufacturers (-5.5 vs -6.4), and traders (-3.3 vs -3.7), but deteriorated among constructors (21.3 vs 22.1) and service providers (16.6 vs 16.7).

2019-09-24
German Business Morale Remains Close to 7-Year Low
The Ifo Business Climate Index in Germany increased by 0.3 points from a month earlier to 94.6 in September 2019, remaining close to its lowest level since November 2012 and slightly beating market consensus of 94.4. There was a better assessment of the current situation (98.5 vs 97.4 in August), while the outlook for the coming months deteriorated again (90.8 vs 91.3). Across sectors, sentiment improved among service providers (16.6 vs 13.0) and constructors (22.2 vs 21.5), but deteriorated among manufacturers (-6.4 vs -6) and traders (-3.7 vs -2.4).

2019-08-26
German Business Morale Falls to Near 7-Year Low
The Ifo Business Climate Index in Germany declined by 1.5 points from a month earlier to 94.3 in August 2019, the lowest since November 2012 and below market consensus of 95.1. The business expectations sub-index dropped to 91.3 from 92.1 in July; and the gauge of current conditions fell to 97.3 from 99.6 in the prior month. Across sectors, confidence deteriorated among manufacturers (-6.1 vs -4.3 in July), wholesalers and retailers (-2.4 vs 1.4), service providers (13 vs 18) and constructors (21.4 vs 23.1).

2019-07-25
German Business Morale Slumps to Over 6-Year Low
The Ifo Business Climate Index in Germany fell by 1.8 points from a month earlier to 95.7 in July 2019, the lowest level since April 2013 and below market expectations of 97.1. The business expectations sub-index slumped to 92.2 from 94.0 in June; while the gauge of current conditions dropped to 99.4 from 101.1 in the previous month. Across sectors, confidence deteriorated among manufacturers (-4.3 vs 1.3 in June), service providers (17.7 vs 20.3), wholesalers (-0.3 vs 6.8), and retailers (4.7 vs 8.9), while sentiment among constructors improved slightly (23.3 vs 23.0).

2019-06-24
German Business Morale Worsens for 3rd Month
The Ifo Business Climate Index in Germany fell by 0.5 points from a month earlier to 97.4 in June 2019, the lowest level since November of 2014, and compared with market expectations of 97.2. The business expectations sub-index slumped to 94.2 from a downwardly revised 95.2 in May; while the gauge of current conditions edged up to 100.8 from an upwardly revised 100.7 in the prior month. Sentiment deteriorated among manufacturers (1.5 vs 3.9 in May), service providers (20.0 from 21.0) and constructors (22.9 from 24.3); while confidence among wholesalers & retailers improved (7.9 from 5.4).


Germany Ifo Business Climate Index
In Germany, the IFO Business Climate Index measures entrepreneurs’ sentiment about current business situation and their expectations for the next 6 months. The survey is made by phone and covers 9,000 firms in manufacturing, the service sector, trade and construction. The Business Climate Balance is constructed as the difference between the percentage share of executives that are optimistic and the share that are pessimistic. This balance can take values between -100 (all responding firms assess their situation as poor and expect business to deteriorate) and +100 (all responding firms assessed their situation as good and expect an improvement in their business). For the calculation of the IFO Business Climate Index, the Balance is normalized to the average of a base year (currently 2015).

Germany Business Last Previous Highest Lowest Unit
Business Confidence 96.30 95.10 109.80 80.10 points [+]
Services PMI 52.90 51.70 60.30 41.30 points [+]
Manufacturing PMI 43.70 44.10 63.30 32.00 points [+]
Composite Pmi 50.20 49.40 59.00 48.50 points [+]
Industrial Production -2.60 -4.60 15.30 -21.80 percent [+]
Industrial Production Mom 1.10 -1.00 4.00 -6.90 percent [+]
Manufacturing Production -4.00 -5.90 15.50 -24.10 percent [+]
Capacity Utilization 82.60 83.90 88.80 70.30 percent [+]
New Orders 100.30 101.50 113.00 8.80 points [+]
Factory Orders -1.30 0.20 27.10 -15.70 percent [+]
Changes in Inventories -7.73 2.64 11.20 -8.53 EUR Billion [+]
Bankruptcies 1592.00 1507.00 3755.00 416.00 Companies [+]
Corporate Profits 174.78 177.41 188.02 92.45 EUR Billion [+]
Zew Economic Sentiment Index 10.70 -2.10 89.60 -63.90 [+]
Car Production 276400.00 423400.00 583399.00 265542.00 Units [+]
Car Registrations 283380.00 299127.00 552865.00 43460.00 [+]
Internet Speed 15298.72 14588.37 15298.72 3207.62 KBps [+]
IP Addresses 38794861.00 38344874.00 38794861.00 18134106.00 IP [+]
Mining Production -6.80 -7.30 46.60 -30.40 percent [+]
Steel Production 3215.00 3322.93 4744.00 907.00 Thousand Tonnes [+]
Competitiveness Index 81.80 82.84 82.84 5.37 Points [+]
Competitiveness Rank 7.00 3.00 7.00 3.00 [+]
Corruption Index 80.00 81.00 82.70 73.00 Points [+]
Corruption Rank 11.00 12.00 20.00 10.00 [+]
Ease of Doing Business 22.00 24.00 27.00 14.00 [+]