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Results of the November 2012 Ifo Business Survey

German Service Sector: Ifo Business Climate Indicator Drops Slightly

The Ifo Business Climate Indicator for the German service sector dropped again somewhat in November. Assessments of the current business situation remained good. However, assessments of the business outlook were slightly more pessimistic than last month. Employment plans nevertheless remained moderately expansionary.

Hans-Werner Sinn
President of the Ifo Institute

Ifo Business Climate in the Service Sector (Indices)

Image Ifo Business Climate in the Service Sector (Indices)

Time Series

German Services Sector (Balances, not seasonally adjusted)
Climate 15.1 19.6 22.3 24.9 22.4 22.4 24.8 21.3 15.7 12.7 14.1 9.1 8.5
Situation 29.0 34.0 31.0 32.0 28.0 30.0 34.0 30.0 27.0 24.0 28.0 23.0 23.0
Expectations 2.0 6.0 14.0 18.0 17.0 15.0 16.0 13.0 5.0 2.0 1.0 -4.0 -5.0
Source: Ifo Business Survey

Explanatory note

The Ifo Business Survey of the service sector is based on ca. 2,500 monthly survey responses from firms in key segments of the tertiary sector, especially business-oriented segments (excl. distribution, financial services, Leasing, insurance and government). The survey is conducted and calculated in the same way as the Ifo Business Survey of industry and trade. In comparing the various curves of the Business Climate indicator, it is important to remember that, for methodological reasons, the results of the Business Survey of the service sector are not yet seasonally adjusted. The indicator for the Business Climate in the service sector has not yet been incorporated into the Ifo Business Climate Index for industry and trade.


Dr. Klaus Wohlrabe

Ifo Institute
Ifo Center for Business Cycle Analysis and Surveys
Phone: +49(0)89/9224-1229
Fax: +49(0)89/9224-1463
Email: wohlrabe @

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