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Results of the February 2017 Ifo Business Survey

Ifo Business Climate Index for the Service Sector Falls

Sentiment in the service sector continued to weaken in February. The business climate index fell to 108.5 points this month from 109.3 points in January. While service providers were somewhat more satisfied with their current business situation, they expressed less confidence about their six-month business outlook. They nevertheless plan to recruit additional staff.

Among travel agencies and tour operators the business climate improved significantly. IT service providers and consultants also reported that business was excellent. In the transport and logistics sector, by contrast, business stagnated. There was a marked downturn in the advertising sector, where assessments of the current business situation fell considerably, dropping to their lowest level in over a year.  

Prof. Dr. Clemens Fuest
President of the Ifo Institute


Time Series

German Service Sector (Balances, seasonally adjusted)
Climate 108.9 107.8 109.7 108.1 109.3 109.0 110.1 111.2 111.1 112.5 110.8 109.3 108.5
Situation 115.1 114.3 117.0 114.7 116.9 113.8 114.8 115.6 115.4 118.5 116.0 114.5 114.8
Expectations 103.0 101.7 102.8 101.8 102.3 104.4 105.6 107.0 107.1 106.7 105.9 104.3 102.5
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. 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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