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German ifo Business Climate Index sees 4th monthly decline in Aug

28 Aug '23
1 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • The ifo Business Climate Index in Germany dropped to 85.7 points in August, marking its fourth consecutive monthly decline.
  • Sentiment among German managers has worsened, particularly in the manufacturing and trade sectors.
  • The current assessment is at its lowest since August 2020, and companies are increasingly pessimistic about future prospects.
The German economic landscape is increasingly worrisome as the ifo Business Climate Index for August slides to 85.7 points, a decline from 87.4 points in July. This marks the fourth consecutive fall of the index, indicating deteriorating confidence among German managers. The assessments of the current situation hit their lowest point since August 2020, heightening concerns for the months ahead.

In the manufacturing sector, the Business Climate Index experienced a drop, with companies less satisfied with their current standing. The indicator fell into negative territory for the first time since October 2020. Expectations are considerably bleak as companies increasingly report declines in new orders, ifo said in a media release.

The Business Climate Index fell in trade, too. Businesses assessed their current situation as considerably more negative. The outlook also turned gloomier.

ALCHEMPro News Desk (KD)
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