German business climate index continues recovery in July: ifo Institute

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BERLIN, July 27 (Xinhua) — The German business climate index rose from 86.3 points in June to 90.5 points in July, which marked the third monthly increase in a row, the Munich-based ifo Institute announced on Monday.

“Sentiment among German companies has improved further,” said ifo Institute President Clemens Fuest. “The German economy is recovering step by step.”

After plunging to a historic low in April, the ifo business climate index based on the economic sentiment of around 9,000 German company executives had already started recovering in May, according to ifo.

The business climate for Germany’s manufacturing sector “once again improved considerably,” the ifo Institute noted. The current situation of industrial companies was “no longer quite as poor” as in previous months. Also, German companies now expected business to improve in the coming months.

The business climate in the German service sector “rose strongly and is now in positive territory,” the ifo Institute noted. Service providers in Germany were “distinctly more satisfied” with their current situation.

The upswing also continued in Germany’s trade sector where retailers, in particular, reported improving business, according to ifo.

Generally, companies in Germany were “notably more satisfied with their current business situation” and also “carefully optimistic” about the coming months, Fuest added. Enditem

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