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Press releases in the past quarter

  1. Residential Building Permits Rise Markedly in Europe in 2015

    Jul 30, 2015: Selected results of the EUROCONSTRUCT summer conference 2015 The recovery in European residential construction is continuing: in 16 of the 19 EUROCONSTRUCT member countries the volume of construction services looks set to increase in the current year, while growth in nine countries is even forecast to exceed the 3% marker. These are the results of the network’s country forecasts published in June and presented in the latest issue of ifo Schnelldienst. Details

  2. Credit Constraint Indicator - From the Ifo Business Survey for July 2015

    Credit Constraints Edge Upwards

    Jul 30, 2015: Credit constraints for German companies rose to 15.4 percent in July from 15.1 percent last month. This put a stop to the trend towards undercutting seen in recent months. Companies, however, still have virtually no problems accessing bank credit. Details

  3. Results of the Ifo Business Survey for July 2015

    Ifo Business Climate for Eastern German Companies Brightens Considerably

    Jul 29, 2015: The Ifo Business Climate Index for Eastern German trade and industry rose sharply in July to 107.4 points from 105.8 index points in June, almost compensating for the declines of the past two months. The marked increase in the eastern German climate indicator was due to better assessments of the current business situation. At the same time, assessments of the six-month business outlook were less pessimistic. The agreement reached in principle on Greece is expected to boost the Eastern German economy. Details

  4. Ifo Employment Barometer - Results of the Ifo Business Survey for July 2015

    Readiness to Recruit Wanes in the German Economy

    Jul 29, 2015: The Ifo Employment Barometer fell in July to 107.2 from 107.8 points last month. Companies in many branches are nevertheless still looking for staff. The positive employment dynamic continued to weaken. Details

  5. Ifo Export Expectations - Results of the Ifo Business Survey for July 2015

    Export Outlook Continues to Cloud Over

    Jul 28, 2015: The export expectations for German companies continued to decline this month, falling to 7.6 balance points in July from 9.2 points in June. The increase in exports continued to weaken. The expansive effects of the euro depreciation are slowly dissipating. In addition, cautious economic activity in several emerging economies is having a negative impact on the German export dynamic. Details

  6. Ifo Business Climate Germany - Results of the July 2015 Ifo Business Survey

    Ifo Business Climate Index Rises

    Jul 27, 2015: The Ifo Business Climate Index for German trade and industry rose to 108.0 points in July from 107.5 points last month. Assessments of the current business situation improved significantly after last month’s setback. Business expectations were also somewhat more optimistic after declining for three consecutive months. The recent easing of the Greece situation contributed to stronger sentiment in the German economy. Details

  7. Sinn: Euro Agreement Doesn’t Really Help Greece

    Jul 13, 2015: Ifo President Hans-Werner Sinn has criticised the agreement reached at the euro summit on Monday morning. “Many people believe that this plan is good for Greece, but it isn’t,” he said in Munich. “While this decision will cost the rest of Europe a great deal of money, all of this cash will not be enough to satisfy Greek citizens.” Greece is too expensive and is no longer competitive for that reason. “There is no sense in trying to solve the country’s problems by throwing more money at it. That is expensive and prevents the creation of competitive economic structures. A windfall will not create long-term jobs,” warned Sinn. Details

  8. Sinn and Fuest Oppose Extension of Emergency Credit for Greek Banks

    Jul 10, 2015: Ifo President Hans-Werner Sinn and his future successor Clemens Fuest have warned against extending ELA emergency credit to Greek commercial banks as of Monday. Details

  9. Ifo Viewpoint No. 169: Why “Grexit” Could Be Good for Greece

    Jul 9, 2015: It is a shame that Greece was unable to manage its finances and is now slipping into chaos. But this outcome was inevitable and could not be permanently averted with loans from the international community. The Greek government was effectively bankrupt back in 2012, in what was the biggest state Details

  10. Recovery in Eurozone Gains Impetus

    Jul 7, 2015: The economic recovery in the Eurozone will gain impetus slightly over the course of the year. Economic output is expected to grow by 0.5 percent in the third and fourth quarters respectively, following growth of 0.4 percent in the first and second quarters, according to the Ifo Institute (Munich), Insee (Paris) and Istat (Rome). The development will mainly be driven by domestic demand. Overall, this will lead to an annual rate of economic growth of 1.4 percent in 2015, after 0.9 percent in 2014. Details

  11. Ifo President Sinn Advises Greece to Reinstate the Drachma

    Jul 6, 2015: It is time for Greece to make a daring leap and adopt its own currency, says Ifo President Hans-Werner Sinn. “The drachma should be introduced immediately as a virtual currency,” Sinn said in Munich. Details

  12. Ifo Economic Forecast for Eastern Germany and Saxony 2015/2016

    Eastern German Economy Enjoys Sustained Growth

    Jul 2, 2015: Real gross domestic product in eastern Germany is expected to rise sharply by 1.8 percent this year and by 1.6 percent in 2016. These are the findings of the Ifo Institute’s Economic Forecast for Eastern Germany and Saxony published today. “Private consumption will remain the main economic driver”, notes Prof. Dr. Joachim Ragnitz, Deputy Executive Director of the Dresden Branch of the Ifo Institute. “But eastern German producers will also benefit from growing demand for capital goods,” he adds. Details

  13. Potential losses of the other euro countries if Greece and Greek commercial banks declare insolvency

    Jul 1, 2015: The table features the latest figures on the potential losses of the other euro countries if the Greek government and Greece’s commercial banks were to declare insolvency. Details

  14. Credit Constraint Indicator - From the Ifo Business Survey for June 2015

    Credit Constraints Hit Successive Historic Lows

    Jun 29, 2015: It has never been so easy for German companies to access bank credit. Credit constraints for German companies fell to 15.1 percent in June from 15.7 percent last month, hitting a historic low once again. The flood of money in Europe from the European Central Bank is having an impact. German companies are almost being pressed to accept bank loans. Details

  15. Ifo President Hans-Werner Sinn Supports Orderly Grexit

    Jun 28, 2015: Ifo President Hans-Werner Sinn has spoken out in favour of an orderly Grexit. “The foreseeable insolvency of Greece is deeply regrettable. Greece now needs to immediately introduce a new electronic currency as legal tender and must stop all euro payment orders to other countries abroad and impose capital controls”, Sinn said on Sunday. “The new currency would devalue against the euro, which would make the country competitive again.” Details

  16. Results of the Ifo Business Survey for June 2015

    Ifo Business Climate for Eastern Germany Clouds Over

    Jun 26, 2015: The Ifo Business Climate Index for industry and trade in eastern Germany fell in June from 107.2 points in May to 105.7 points this month. This brings the climate indicator back down to a level last seen in mid-2013. The deterioration in the business climate was due to assessments of the current business situation, which were markedly more cautious. Moreover, eastern German survey participants continued to assess their six-month business outlook somewhat less favourably. The wrestling over Greece is sparking uncertainty in the eastern German economy. Details

  17. Ifo Employment Barometer - Results of the Ifo Business Survey for June 2015

    German Companies Scale Back Recruitment Plans Slightly

    Jun 26, 2015: German companies are currently hiring a slightly lower number of new staff than in May. The Ifo Employment Barometer edged downwards in June to 107.8 index points from 108.2 points last month. The service sector remains the main driver behind these developments. Details

  18. Ifo Business Climate Germany - Results of the June 2015 Ifo Business Survey

    Ifo Business Climate Index Falls

    Jun 24, 2015: The Ifo Business Climate Index for German trade and industry fell to 107.4 points in June from 108.5 points last month. The indicator for the current business situation declined this month following three successive increases. Business expectations deteriorated for the third consecutive month and are now only slightly optimistic. The outlook for the German economy is overcast. Details

  19. Ifo President Sinn Warns of IMF’s Exclusion from Greece Negotiations

    Jun 22, 2015: Ifo President Hans-Werner Sinn has warned against breaking up the Greece troika and excluding the International Monetary Fund (IMF) from negotiations. According to Sinn, some voices want to keep the IMF out of negotiations. Details

  20. Ifo Survey Signals Rising Revenues in German Manufacturing

    Jun 22, 2015: The results of a survey by the Ifo Institute suggest that German industry looks set to earn more this year than in 2014. According to the survey, manufacturers are currently more satisfied with their income situation than in 2014, measured by profit from ordinary activities. The corresponding index is currently at 107.2 points, versus an annual average of 105.9 points in 2014. The long-term average since the launch of the survey in 2002 is 100.5 points. Since then the Ifo Institute has surveyed thousands of manufacturers on their revenue situation twice a year. Details

  21. Ifo Institute Upwardly Revises GDP Forecast for Germany to 1.9 Percent in 2015 and 1.8 Percent in 2016

    Jun 17, 2015: The Ifo Institute has upwardly revised its GDP forecast for this year to 1.9 percent. In December its researchers were still expecting just 1.5 percent. For 2016 Ifo’s research team, headed by Prof. Timo Wollmershäuser, expects a GDP increase of 1.8 percent. “The German economy is currently experiencing a sharp upturn,” he said. Details

  22. Ifo President Sinn criticises European Court of Justice

    Jun 16, 2015: Ifo President Hans-Werner Sinn has criticised the view expressed by the European Court of Justice that the European Central Bank’s (ECB) OMT bond-buying programme is lawful. “That is a regrettable mistake on the part of the Court. The ECB is indeed overstepping its mandate and implementing economic policy, which it is not allowed to do”, said Sinn. Details

  23. 30 Percent Higher Wages and Earnings in Retailers with Collective Wage Agreements

    Jun 16, 2015: The personnel costs of German retailers with collective wage agreements are between 25 percent and 32 percent higher than those of their competitors without such agreements. These are the results of a new analysis of collective wage agreements in retailing published by the Ifo Institute in its "Schnelldienst". This pay differential is particularly pronounced in eastern Germany (44 percent) and for cashiers (30 percent). The differential is greater in small companies than in large firms. Details

  24. German Minister for Economic Affairs Gabriel Pays Tribute to Hans-Werner Sinn

    Jun 12, 2015: The German Federal Minister for Economic Affairs Sigmar Gabriel has paid tribute to Ifo President Hans-Werner Sinn. “Professor Hans-Werner Sinn is one of the rare economists to have held an outstanding position in research an economic policy advisory work in Germany over several decades", Gabriel said at the beginning of the Ifo Annual Meeting on Friday in Munich. Details

  25. Prof. Dr. Clemens Fuest New Ifo President As From 1 April 2016

    Jun 11, 2015: A decision has been taken regarding the successor to Ifo President Prof. Hans-Werner Sinn, who has reached retirement age and whose term-in-office ends on 31 March 2016. The Administrative Council of the Ifo Institute – Leibniz Institute for Economic Research at the University of Munich has appointed Prof. Dr. Clemens Fuest as President of the Ifo Institute as of 1 April 2016. The Ifo presidency is linked to a professorship at the economics faculty of the University of Munich (LMU). According to Chairman of the Administrative Council Peter-Alexander Wacker, Prof. Fuest is "an excellent financial economist with an extensive international network and an economic policy thought leader who is the ideal person to succeed Prof. Hans-Werner Sinn as President of the Ifo Institute.” Details

  26. Ifo President Hans-Werner Sinn advocates euro as a parallel currency for Greece

    Jun 10, 2015: In a new publication, Ifo President Hans-Werner Sinn assesses the overall public credit that Greece received until the end of March 2015 from other states and institutions at 325 billion euros. One-third of this money has served to finance the Greek current account deficit, one-third to repay foreign credit, and one-third for the outright capital flight of Greek citizens and institutions, he told reporters in Brussels. Details

  27. Ifo Viewpoint No. 167: Varoufakis’s Great Game

    Jun 9, 2015: Munich, 9 June 2015 Game theorists know that a Plan A is never enough. One must also develop and put forward a credible Plan B – the implied threat that drives forward negotiations on Plan A. Greece’s finance minister, Yanis Varoufakis, knows this very well. As the Greek government’s anointed Details

  28. ifo-Präsident Hans-Werner Sinn befürwortet den Euro als Parallelwährung für Griechenland

    Jun 4, 2015: In einer Sonderausgabe des ifo Schnelldienstes beziffert Hans-Werner Sinn, Präsident des ifo Instituts, die Höhe der öffentlichen Kredite, die Griechenland bis Ende März 2015 von den anderen Staaten und Institutionen erhalten hat, auf insgesamt 325 Mrd. Euro. Ein Drittel dieses Geldes diente der Finanzierung des griechischen Leistungsbilanzdefizits, ein Drittel der Schuldentilgung, und ein Drittel wurde für eine Kapitalflucht griechischer Bürger und Institutionen ins Ausland eingesetzt. Details

  29. Ifo Viewpoint No. 166: Why the ECB QE May not Mean a Safe Retirement

    Jun 3, 2015: The capital markets have greeted the European Central Bank’s (ECB) loose monetary policy with euphoria. The prices of shares and property are shooting up to dizzying heights. The ECB seems to have stumbled across a magic formula for creating wealth from nothing. However, will this magic also make savers’ worries Details

  30. Ifo Viewpoint No. 165: Stop the Splinter Unions

    Jun 1, 2015: There are some things that Germany’s unions can be praised for. Although they got carried away with excessive pay claims in the 1970s and 80s, leading to mass unemployment that turned Germany into the sick man of Europe, they subsequently contributed to the turnaround with Agenda 2010 – when, by Details

  31. German Manufacturing Plans to Invest Seven Percent More

    May 29, 2015: German manufacturing intends to invest considerably more in 2015 than the year before. This is the result of a survey by the Ifo Institute. The preliminary figures indicate an increase of seven percent, the Institute reported Friday in Munich. Especially smaller and medium-sized companies plan to increase significantly their spending on new buildings and equipment in the current year; larger firms will invest less. Details

  32. Ifo Export Expectations Results of the Ifo Business Survey for May 2015

    Export outlook in manufacturing again less positive

    May 28, 2015: The export expectations of German manufacturing have worsened again slightly, falling from 11.2 balance points in April to 10.4 in May. Declining orders from abroad had a dampening impact in the first quarter. However, export sales remain expansionary. Details

  33. Credit Constraint Indicator - From the Ifo Business Survey for May 2015

    Further decline in the Credit Constraint Indicator

    May 27, 2015: The credit hurdle for industry and trade in Germany fell to 15.7% in May, following a level of 16.0% in the previous month. This is again a historic low. The already extremely favourable financing environment for businesses has improved again. Details

  34. Ifo Employment Barometer - Results of the Ifo Business Survey for May 2015

    Expansive personnel policies continue

    May 26, 2015: German businesses intend to hire additional new employees. The Ifo Employment Barometer rose slightly in May to 108.2 from 108.1. The greatest willingness to hire more staff is among companies in the service sector. Details

  35. Results of the Ifo Business Survey for May 2015

    Marked decline in the Ifo Business Climate Index for Eastern Germany

    May 26, 2015: The Ifo Business Climate Index for industry and trade in eastern Germany fell from 109.2 index points last month to 107.3 in May. This is the strongest decline since the middle of 2013. The eastern German survey respondents no longer assessed their current business situation as favourably as a month ago. In addition, pessimism regarding the future course of business has increased noticeably. Uncertainty about the German domestic labour disputes and the crisis in Greece has put the eastern German economy strong under pressure. Details

  36. Ifo Business Climate Germany - Results of the May 2015 Ifo Business Survey

    Ifo Business Climate Index Declines Marginally

    May 22, 2015: The Ifo Business Climate Index for German trade and industry edged downwards to 108.5 points in May from 108.6 points last month. Companies were once again more satisfied with their current business situation, but expressed slightly less optimism about the months ahead. The German economy remains on track. Details

  37. Prosperity Depends on Knowledge Capital

    May 21, 2015: Economic policy aimed at securing long-term prosperity needs to focus on education Details

  38. French Prime Minister to Discuss European Competitiveness in Munich

    May 20, 2015: French Prime Minister Manuel Valls will join EU Vice President Valdis Dombrovskis and EU Commissioner Günther Oettinger, as well as a score of high-ranking politicians and CEOs of global companies, at this year’s Munich Economic Summit to discuss how Europe can overcome its lethargy and become more competitive and innovative. Details

  39. Ifo World Economic Climate Continues to Brighten

    May 12, 2015: The Ifo Index for the world economy rose to 99.5 points from 95.9 points last quarter. Both assessments of the current economic situation and the economic outlook improved. WES experts forecast world economic growth of 2.3 percent this year. The world economy is slowly gaining impetus. Details

  40. Prof. Helmut Rainer appointed to Commission on Equality

    May 11, 2015: Helmut Rainer, Director of the Ifo Center for Labour Market Research and Family Economics, has been appointed a member of the Expert Commission of the German government’s Second Report on Equality. Details

  41. Advance results of the Ifo World Economic Survey (WES) of 2nd quarter 2015

    Ifo Economic Climate in the Euro Area Improves Significantly

    May 6, 2015: The Ifo Index for the economic climate in the euro area rose sharply to 129.2 points in the second quarter of 2015 from 112.7 points last quarter. The index rose to a level last seen prior to the outbreak of the world financial crisis and significantly above its long-term average of 106.1 points. Both assessments of the current economic situation and the six-month economic outlook brightened considerably. According to the experts surveyed, economic growth will amount to 1.5 percent this year. The euro area’s economy is experiencing a clear upturn. Details

  42. Local Transport Strikes Cost Commuters 4.8 Million Euros Per Day

    May 5, 2015: Local public transport strikes lead to an increased use of cars, a higher number of traffic accidents, more injuries and higher levels of air pollution. These are the results of a new study by researchers at the Ifo Institute and the University of Passau on strikes in five major German cities. Details

  43. Credit Constraint Indicator - From the Ifo Business Survey for April 2015

    Credit Constraints Edge Down to Historic Low

    Apr 29, 2015: Credit constraints for German companies fell to 16.0 percent in April from 16.1 percent last month, marking a fresh historic low. German companies continue to have no problem in accessing credit for investment purposes. Details

  44. Climate Fee for Coal-Fired Power Stations Is Counterproductive

    Apr 28, 2015: The planned climate fee for coal-fired power stations in Germany is inefficient, drives up costs and offers few investment incentives, warned Prof. Karen Pittel, Director of the Ifo Center for Energy, Climate and Exhaustible Resources on Tuesday in Munich at the start of a workshop on the potential comeback of coal. The climate fee will not help to lower emissions, but is expected to further erode European emissions trading. Instead of drawing on the efficiency of uniform prices in emissions trading, the latter is only being further undermined by market interventions like the climate fee. Details

  45. Results of the Ifo Business Survey for April 2015

    Ifo Business Climate Index for Eastern Germany Sees Marked Spring Upturn

    Apr 28, 2015: The Ifo Business Climate Index for trade and industry in Eastern Germany rose to 109.3 index points in April from 108.5 points last month. Eastern German survey participants reported doing better business than in March. They also expect business developments to be more favourable over the next six months. Eastern Germany’s economy made a dynamic start to the second quarter of 2015. Details

  46. Ifo Employment Barometer - Results of the Ifo Business Survey for April 2015

    German Companies Continue To Recruit More Staff

    Apr 28, 2015: German companies still intend to recruit additional staff. The Ifo Employment Barometer remained stable at 108.1 points in April. The main recruitment driver is still the services sector, where companies are keen to increase their staff numbers. Details

  47. Ifo Export Expectations Results of the Ifo Business Survey for April 2015

    Export Outlook for Manufacturing Somewhat Less Optimistic

    Apr 27, 2015: The export expectations for German companies clouded over a little in April, falling to 11.3 balance points from 12.1 points in March. Despite this downturn, the majority of companies still expect turnover abroad to rise. The increase is merely expected to be smaller than previously. Details

  48. Ifo Business Climate Germany - Results of the April 2015 Ifo Business Survey

    Ifo Business Climate Index Continues to Rise

    Apr 24, 2015: The Ifo Business Climate Index for German trade and industry rose to 108.6 points in April from 107.9 points last month. Assessments of the current business situation once again improved considerably. Optimistic assessments of the business outlook, however, were scaled back slightly. The upswing in the German economy continues. Details

  49. Ifo President Sinn Calls For Higher Interest Rates and Annual Settlement of Overdraft Credit Between Euro Central Banks

    Apr 17, 2015: Ifo President Hans-Werner Sinn has called for higher interest rates on the overdraft loans between Eurosystem central banks and a yearly settlement of them. “It is unacceptable that only 0.05 percent is paid in annual interest rates and that loans never have to be repaid. Such conditions merely invite Greece to run up more debts and also encourage capital flight from the country” said Sinn on Friday in Munich. “Instead the US system should apply whereby balances between the districts of the US Federal Bank have to be settled once a year. This would make it far harder to resort to the electronic printing press, and would prompt countries facing the threat of capital flight to introduce capital controls earlier on,” argued Sinn. Details

  50. Joint Economic Forecast Spring 2015: A Strong Upswing Thanks to Cheap Oil and a Weak Euro

    Apr 16, 2015: The German economy is experiencing a strong upturn driven by unexpected expansive impulses, especially the falling oil price and the sharp depreciation of the euro. Gross domestic product is expected to increase by 2.1 percent this year. The 68 percent projection interval ranges from 1.1 percent to 2.8 percent. Consumption is the driving force behind the upturn. The rest of the euro area is also expected to produce slightly positive impulses, meaning that international trade will contribute to growth. The pace of growth is only expected to slow slightly in the year ahead. The euro’s depreciation will continue to stimulate the economy, while the positive effects of the lower oil price are expected to fade. Public budgets will show significant surpluses of over twenty billion euros in 2015 and 2016 respectively. In view of large structural surpluses, the time is ripe to make the income tax rate more performance-oriented – especially for small and medium-sized companies. Details

  51. Economic Experts Upwardly Revise Forecast to 2.1 Percent GDP Growth in 2015

    Apr 16, 2015: German economic experts have significantly upwardly revised their forecasts for this year. They now expect 2.1 percent growth in gross domestic product, after forecasting just 1.2 percent growth in autumn 2014. “The low oil price is leaving Germans more money to spend, while the weak euro is boosting exports”, said Timo Wollmershäuser, Director of the Center for Business Cycle Analysis and Surveys at the Ifo Institute, which is supervising the Joint Economic Forecast this year. In their spring forecast the research institutes expect overall economic production to increase by 1.8 percent in 2016. The unemployment rate is accordingly expected to fall to 6.3 percent in 2015 from 6.7 percent last year; and to drop further to 5.9 percent next year. Details

  52. Raj Chetty is Richard Musgrave Professor

    Apr 15, 2015: Raj Chetty, Bloomberg Professor of Economics at Harvard University, has been awarded this year’s Richard Musgrave Professorship by CESifo and the International Institute of Public Finance (IIPF). With this award, the prize winner is also named a Distinguished CESifo Fellow. Details

  53. Capital Flows out of Italy Rise to 27 Billion Euros Net in March

    Apr 9, 2015: A net total of 27 billion euros in capital flowed out of Italy in March, according to a publication by the Banca d’Italia. “This could be partially due to speculative overseas bank transfers by Italian banks, which are now investing the money that they received from the European Central Bank’s bond acquisitions in the context of the QE program outside of Italy,” explained Ifo President Hans-Werner Sinn. Details

  54. Eurozone’s Economy Recovers Slightly

    Apr 8, 2015: The Eurozone’s economy is expected to recover slightly in 2015. Gross domestic product looks set to grow by 0.4 percent in the first three quarters of the year, versus just 0.2 percent and 0.3 percent in the third and fourth quarter of 2014 respectively. These are the results of calculations by the Ifo Institute (Munich), INSEE (Paris) and ISTAT (Rome). Details

Press contact

Harald Schultz

Ifo Institute
Press, Publications, Conferences
Phone: +49(0)89/9224-1218
Fax: +49(0)89/9224-1267

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