Germany’s ifo Business Climate Index highest since June 2019

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BERLIN, March 26 (Xinhua) — Business sentiment in Germany “improved noticeably” in February to its highest level since June 2019, the Munich-based ifo Institute for Economic Research said on Friday.

The ifo Business Climate Index rose from 92.7 points last month to 96.6 points in March, the institute said, based on its monthly survey of 9,000 German companies.

“Despite the rising rate of infections, the German economy is entering the spring with confidence,” commented Clemens Fuest, president of the ifo Institute. Companies are “clearly more satisfied” with their current business situation and “optimism about the coming months has also returned.”

In Germany’s manufacturing industry, the business climate continued to recover as demand for industrial goods picked up noticeably.

In the service sector, the index also rose markedly. While business was “particularly good” for service providers in information technology (IT), hotels, restaurants and tourism are still in a “very bad situation.”

The ifo Business Climate Index for the German trade sector has “surged” as the indicators for both current business and expectations increased sharply. In retail, however, the situation remains bleak, albeit slightly better than in the previous month. The only exceptions are supermarkets, bicycle shops and florists. Enditem

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