Main Content

Press releases in the past quarter

  1. Ifo Export Expectations - Results of the Ifo Business Survey for January 2015

    Export Outlook for German Manufacturing Continues to Brighten

    Jan 28, 2015: German manufacturers expect exports to rise. The Ifo Export Expectations rose for the fourth time in succession in January to 9.5 balance points from 7.7 balance points in December. Exports, which were already very high, were given an additional boost by the sharp drop in the euro exchange rate. Details

  2. Ifo Employment Barometer - Results of the Ifo Business Survey for January 2015

    German Firms Step Up Search for Extra Staff

    Jan 28, 2015: The economic upturn is prompting a growing number of German firms to look for additional staff. The Ifo Employment Barometer rose to 108.2 index points in January from 106.6 points in December, reaching its highest value since March 2012. Service providers remain the main driver behind this development. Details

  3. Ifo Business Climate Germany - Results of the January 2015 Ifo Business Survey

    Ifo Business Climate Index Continues to Rise

    Jan 26, 2015: The Ifo Business Climate Index for industry and trade in Germany rose to 106.7 points in January from 105.5 points last month, marking its third successive increase. Companies were far more satisfied with their current business situation and the majority was also optimistic about the business outlook. The German economy makes a good start to the year. Details

  4. Ifo Institute Investigates TTIP’s Potential Impact on Third Countries

    Jan 23, 2015: TTIP will not only affect its negotiation partners, but will also potentially impact developing and emerging economies. On the one hand, higher income in the EU and the USA will increase demand for goods and services in third countries, which should benefit them. On the other hand, the agreement can be expected to divert trade flows from TTIP partners away from third countries, which will be detrimental to them. In a new study commissioned by the German Federal Ministry for Economic Cooperation and Development, the Ifo Institute in Munich and the IAW Tübingen jointly explore how threats to emerging countries can be minimised and opportunities can be maximised, to turn the agreement into the basis for a new and fair world trading system. Details

  5. Ifo President Sinn Criticises ECB Decision

    Jan 22, 2015: Ifo President Hans-Werner Sinn has criticised the quantitative easing decisions of the European Central Bank. “This is tantamount to illegal government financing through the money-printing press. If the ECB buys sovereign bonds, the governments will issue new bonds, in effect drawing their funding from the printing press. This is prohibited by Article 123 of the EU Treaty and would require clearing by the German Constitutional Court,” said Sinn in Munich. Details

  6. Ifo Institute Changes Seasonal Adjustment in Business Climate Index

    Jan 16, 2015: The Ifo Institute is changing the seasonal adjustment procedure in its Business Climate Index to improve the filtering out of seasonal fluctuations. This should have a significant impact on the results for the construction sector, and particularly on the business expectations component. The effects on most other numbers are small. The newly calculated Ifo Business Climate Index remains at 105.5 for December 2015. The revised business situation index is now at 109.8 (old procedure: 110.0) and the revised expectations are at 101.4 (old procedure: 101.1). Figures that show significant working day effects will also be subject to an additional working-day adjustment. The downward movement in the business climate index over the course of 2014 calculated according to the new adjustment method was almost identical to the results obtained for the procedure used to date. The increase that followed in November and December was also nearly the same when calculated using both methods. All of the time series will be newly calculated retrospectively according to the new procedure. Details

  7. Ifo President Sinn Criticises EU Advocate General on ECB Proceedings

    Jan 14, 2015: Ifo President Hans-Werner Sinn has criticised the statement by the EU Advocate General on the OMT proceedings against the European Central Bank (ECB). “This is tantamount to a carte blanche for the European Central Bank, provided that it justifies its behaviour,” said Sinn. Details

  8. Ifo President Sinn Fears Fresh Capital Flight from Italy

    Jan 12, 2015: Ifo President Hans-Werner Sinn sees signs of fresh capital flight from Italy. “In December 2014 alone 13 billion euros in net transfers were made from Italy to countries abroad via the European Target System. These transfers take the form of a kind of implicit overdraft credit to the Banca d’Italia issued by the European Central Bank,” says Sinn, citing the latest figures released by the Italian Central Bank. “Italy’s Target debt to the ECB System rose from July 2014 by 79 billion euros to 209 billion euros in December 2014. This latest increase is a sign of fresh capital flight from Italy, which is a clear indication that the euro crisis was only lying dormant and is by no means over.“ Details

  9. Euro Area Economy Expanding at a Slow Pace

    Jan 12, 2015: Economic growth in the euro area is expected to accelerate mildly, but remain weak. It will amount to 0.3 percent in the first and second quarters of 2015 respectively, following 0.2 percent in the fourth quarter of 2014, according to the latest forecast by the Ifo Institute (Munich), INSEE (Paris) and ISTAT (Rome). The average figures for 2015 disguise heterogeneity among countries: the institutes expect robust growth for Germany and Spain, moderate expansion in France and weak development in Italy. Details

  10. Ifo President Sinn Calls For International Debt Conference on Greece

    Jan 6, 2015: Ifo President Hans-Werner Sinn has called for an international debt conference on Greece. “Greece needs to get back on its feet economically and become competitive again. This calls for a devaluation of its currency, thus a temporary euro exit, which, in turn, calls for a haircut. All of this must be jointly decided upon and internationally coordinated”, said Sinn, citing the country’s miserable economic situation as justification for the proposal. “Unemployment in Greece is now twice as high as it was in May 2010. Industrial production has plunged by 30 percent compared to its pre-crisis level. The country is sitting in a trap. Internal depreciation via austerity programmes has failed.” Details

  11. Ifo Employment Barometer - Results of the Ifo Business Survey for December 2014

    A Whiff of Optimism in the German Employment Market

    Jan 2, 2015: As the year drew to a close, German companies were planning to recruit more staff. The Ifo Employment Barometer rose to 106.7 index points in December from 105.4 points in November. Service providers were once again the main driver behind this development. Details

  12. Credit Constraint Indicator - From the Ifo Business Survey for December 2014

    German Companies Enjoy Increasingly Easy Access to Bank Credit

    Dec 22, 2014: German companies can currently access bank credit without any major difficulties. Credit constraints for German trade and industry fell to 17.4 percent in December from 18.3 percent last month. This corresponds to the historical low reached in May 2014. As the year draws to a close, the financial environment for German firms therefore remains very good. In turbulent times German companies are seen as a safe harbour for investment capital. Details

  13. Results of the Ifo Business Survey for December 2014

    Ifo Business Climate for Eastern Germany Ends Year Brighter

    Dec 22, 2014: The Ifo Business Climate Index for the Eastern German Länder rose sharply in December. Assessments of the current situation by Eastern German survey participants remained good. Business expectations for the first six months of 2015 were markedly more favourable. As the year draws to a close, positive signals prevail in the Eastern German economy. Details

  14. Business Climate for German Architects Clouds Over Slightly

    Dec 19, 2014: The Ifo Business Climate for freelance architects clouded over slightly in the fourth quarter. It should, however, be noted that the climate usually deteriorates somewhat at the beginning of the last quarter of a year. Taking this seasonal effect into account, the business climate for architects can still be described as favourable. According to the survey, 53 percent of freelance architects signed new contracts in the course of the third quarter of 2014. This figure was slightly higher than the long-term average (50.5 percent), reports the Ifo Institute in its Schnelldienst 24/2014. Details

  15. Ifo Export Expectations - Results of the Ifo Business Survey for December 2014

    Export Outlook Continues to Improve for Manufacturing

    Dec 19, 2014: German manufacturing can look forward to rising exports. The Ifo Export Expectations rose to 7.0 balance points in December from 6.3 in November. This marks the third increase in succession. German exporters are benefiting from the falling euro exchange rate. The expected economic upturn will largely be driven by exports once again. Details

  16. Ifo President Sinn Demands Sweeping Reform of Inheritance Tax

    Dec 19, 2014: Ifo President Hans-Werner Sinn has spoken out in favour of a sweeping reform of inheritance tax. Details

  17. Ifo Business Climate Germany - Results of the December 2014 Ifo Business Survey

    Ifo Business Climate Index Continues to Rise

    Dec 18, 2014: The Ifo Business Climate Index for industry and trade in Germany rose to 105.5 points in December from 104.7 points last month. Positive assessments of the current business situation remained unchanged. The outlook for the months ahead continued to brighten. Dropping oil prices and a falling euro exchange rate are seasonal gifts to the German economy. Details

  18. Ifo Economic Forecast for Eastern Germany and Saxony 2014/2015

    Eastern German Economy Regains Footing

    Dec 17, 2014: Real gross domestic product in Eastern Germany (including Berlin) will grow by 1.3 percent in 2014 and 2015 respectively, according to the results of the Ifo Institute’s Economic Forecast for Eastern Germany and Saxony published today. Economic growth in the Free State of Saxony is even expected to be slightly higher in both years. “Companies adopted a cautious approach to investment over the summer months”, explains Prof. Dr. Joachim Ragnitz, Deputy Executive Director of the Dresden Branch of the Ifo Institute. “The Eastern German economy will resume growth in the year ahead, despite the headwind expected from the introduction of the minimum wage”. Details

  19. Free Trade with Canada Leads to Rise in Per Capita Income in Germany

    Dec 15, 2014: The planned EU free trade agreement with Canada (CETA) could triple Germany’s exports to the country and double imports from it in the long-term. CETA stands to generate 0.19 percent sustained, long-term growth in real per capita income in Germany, and 0.22 percent growth for the EU overall. Canada stands to benefit to even greater degree with 2.97 percent growth. Details

  20. German Leasing Sector Grows by 6.1 Percent in 2014

    Dec 12, 2014: New business in the German leasing sector will grow by 6.1 percent to 50.2 billion euros this year, according to the results of the Ifo Institute’s Business Survey published in its Schnelldienst. Details

  21. Public Urban Transport Strikes Have Drastic Impact on General Public

    Dec 12, 2014: Local public transport strikes lead to denser traffic, congestion, more accidents, greater air pollution and a higher incidence of the health problems caused by it, particularly for children. These are the results of new research by Helmut Rainer and Timo Hener of the Munich-based Ifo Institute, jointly conducted with Stefan Bauernschuster from the University of Passau. “We find that the negative impact on the urban population far exceeds the costs incurred by the companies whose employees go on strike”, noted Rainer. Details

  22. Ifo Institute Expects 1.5 Percent Growth in 2015 for Germany

    Dec 11, 2014: The Ifo Institute expects the German economy to gain impetus in 2015. Economic output will increase by 1.5 percent next year. According to its researchers, the recovery will be strongly boosted by consumption, which is expected to grow by 1.7 percent in 2015, following a 1.1 percent increase in 2014. "Falling oil prices and the slump in the euro exchange rate have helped to pull the economy out of the state of shock induced by the outbreak of the Ukraine crisis. Companies are now slightly more relaxed as they look to the future," said Prof. Sinn, President of the Ifo Institute, on Thursday in Munich. Details

  23. Preliminary Results of the Ifo Investment Survey of German Manufacturing

    German Manufacturers Plan to Invest Five Percent More in 2015

    Dec 8, 2014: German manufacturers plan to invest an additional five percent in 2015. These are the results of a preliminary evaluation of the on-going Ifo Investment Survey carried out for the European Union. Small and medium-sized companies in particular intend to increase their expenditure on new construction and equipment in the year ahead, while large companies are planning smaller increases. Responses have already been collected from around two thirds of the 2,300 firms participating in the survey. Details

  24. Minimum Wage: German Firms Plan Price Increases, Staff Cuts and Reductions in Working Hours

    Dec 4, 2014: German companies that will be affected by the minimum wage as of 1 January 2015 are planning to increase their prices (26 percent), reduce bonuses (23 percent), reduce their payrolls (22 percent), reduce working hours (18 percent), and scale back their investment activity (16 percent). That is the result of a recent survey conducted by the Ifo Institute, which was published on Thursday. Most companies are planning to implement a combination of these measures, and only 43 percent of the firms affected plan not to react at all. Details

  25. Credit Constraint Indicator - From the Ifo Business Survey for November 2014

    Credit Constraints Rise Slightly, But Financing Opportunities Remain Excellent for German Companies

    Nov 28, 2014: Many firms still have no problems accessing bank credit, but credit constraints for German trade and industry rose to 18.3 percent in November from 17.7 percent last month. The ECB’s October bank stress test currently appears to be having no impact on bank lending in Germany. Details

  26. Results of the Ifo Business Survey for November 2014

    Decline in the Ifo Business Climate Index for Eastern Germany Grinds to Halt for Now

    Nov 27, 2014: The Ifo Business Climate for Eastern German trade and industry improved slightly, after deteriorating for four consecutive months. Eastern German companies are more satisfied with their current business situation than last month. However, unfavourable business expectations worsened for the months ahead. November offers at least temporary respite for Eastern Germany’s flagging economy. Details

  27. Ifo Export Expectations - Results of the Ifo Business Survey for November 2014

    Rays of Hope For German Exports

    Nov 27, 2014: German manufacturing is hoping for an uptick in export business. The Ifo Export Expectations rose to 6.3 balance points in November from 4.7 points in October. The falling euro exchange rate seems to be boosting exports in several branches and to many countries. Details

  28. Ifo Employment Barometer - Results of the Ifo Business Survey for November 2014

    Firms Far More Reticent About Recruiting

    Nov 26, 2014: Only isolated German companies plan to recruit more staff. The Ifo Employment Barometer fell to 105.4 index points in November, after 106.9 points in October. For the moment there is only a slightly positive employment dynamic. Details

  29. Ifo Business Climate Germany - Results of the November 2014 Ifo Business Survey

    Ifo Business Climate Index Rises

    Nov 24, 2014: The Ifo Business Climate Index for industry and trade in Germany rose in November to 104.7 points from 103.2 points in October. The business climate previously deteriorated six times in a row. Assessments of the current business situation are slightly more favourable than last month. Expectations with regard to the months ahead are also brighter. The downturn in the German economy has ground to a halt for the moment at least. Details

  30. US Economist Kenneth Rogoff Favours Phasing Out Paper Money

    Nov 19, 2014: The US economist Kenneth Rogoff of Harvard University has declared himself in favour of phasing out paper currency. “This would make it easier for central banks to implement negative rates to stimulate the economy”, he said on Tuesday evening at a lecture in Munich. “It would also make it easier to fight tax evasion and drug-related crime”, he added. “Paper currency is the main barrier to further reductions in central bank interest rates. Phasing it out would be a very simple and elegant solution to this problem.” During the height of the crises the US Federal Reserve contemplated introducing temporarily negative rates of four or five percent but could not because people were hoarding additional cash. Details

  31. Ifo World Economic Climate Clouds Over Heavily

    Nov 13, 2014: The Ifo Index for the world economy fell to 95.0 points from 105.0 points in the previous quarter, reaching its lowest level since the third quarter of 2013. It is now below its long-term average of 95.5 points. Assessments of the current economic situation deteriorated only slightly. Economic expectations, however, were strongly downwardly revised. The upswing in the world economy is suffering a setback. Details

  32. Ifo Viewpoint No. 160: Zwei Modelle für Europa

    Nov 13, 2014: Der französische Ministerpräsident Valls und sein italienischer Kollege Renzi haben erklärt, dass sie den 2012 neu vereinbarten Fiskalpakt nicht einhalten und wieder mehr Schulden machen wollen. Daran ändern auch neue Vorschläge nichts. Ihre Erklärung sollte daher Anlass sein, über die Konstruktion der Europäischen Währungsunion nachzudenken. Details

  33. Center for Economic Studies (CES) Honours Kenneth Rogoff

    Nov 7, 2014: The Center for Economic Studies (CES) in Munich has made Professor Kenneth Rogoff, Harvard, a "Distinguished CES Fellow". Rogoff was awarded the prize for his outstanding work in the field of economic and monetary policy and on the international finance system. The awards ceremony will take place on 18 November 2014 at 6.00 p.m. in the Great Hall of the University of Munich. Following on from the ceremony, Rogoff will give the first of three “Munich Lectures in Economics 2014”. This series of lectures is traditionally given by the “Distinguished CES Fellow”. Details

  34. Advance results of the Ifo World Economic Survey (WES) of 4th quarter 2014

    Ifo Economic Climate in the Euro Area Continues to Deteriorate

    Nov 6, 2014: The Ifo Index for the economic climate in the euro area fell from 118.9 points to 102.3 points in the fourth quarter, dropping to its lowest level since the third quarter of 2013. It is now below its longterm average. Assessments of both the current economic situation and of the six-month economic outlook deteriorated significantly. High unemployment, weak demand and public sector deficits continue to head the list of the most pressing economic problems. At present, there is no end to the economic weakness in sight. Details

  35. Ifo Institute Downwardly Revises Economic Forecast for Germany

    Nov 5, 2014: The Ifo Institute has downwardly revised its economic forecast for 2014. Details

  36. Ifo President Hans-Werner Sinn criticises the European Central Bank’s move to take on the role of banking supervisor

    Nov 4, 2014: Ifo President Hans-Werner Sinn has criticised the European Central Bank’s move to take on the role of banking supervisor. Details

  37. Credit Constraint Indicator - From the Ifo Business Survey for October 2014

    Credit Constraints Fall Slightly, Financial Conditions for the German Economy Remain Favourable

    Oct 31, 2014: German firms can still finance themselves very well with bank credit. The credit constraints for German trade and industry fell to 17.7 percent in October from 18.4 percent in the previous month. The extent to which the ECB’s bank stress tests will influence further developments remains to be seen. Details

  38. Results of the Ifo Business Survey for October 2014

    Ifo Business Climate Index for Eastern Germany Continues To Slide

    Oct 30, 2014: The Ifo Business Climate for Eastern German trade and industry deteriorated considerably once again in October. Eastern German companies are no longer as satisfied with their current business situation as last month. Moreover, pessimism about future business developments continued to grow. After a strong first six months in terms of the business cycle, positive overall economic developments in Eastern Germany are coming under increasing pressure. Details

  39. Ifo Employment Barometer - Results of the Ifo Business Survey for October 2014

    German Service Providers Plan to Recruit More Staff

    Oct 29, 2014: German companies intend to recruit more staff. The Ifo Employment Barometer rose to 107.0 index points, after 106.1 in September. As in August, the main driver of this development was the service sector, which does not seem to be deeply affected by negative business fluctuations. Details

  40. Ifo Business Climate Germany - Results of the October 2014 Ifo Business Survey

    Ifo Business Climate Index Continues to Fall

    Oct 27, 2014: The Ifo Business Climate Index for industry and trade in Germany fell in October to 103.2 points from 104.7 points in the previous month. Assessments of the current business situation were once again less favourable than last month. Expectations with regard to the six-month business outlook continued to cloud over. The outlook for the German economy deteriorated once again. Details

  41. Ifo President Sinn Criticises ECB Stress Test As “Too Tame”

    Oct 26, 2014: Ifo President Hans-Werner Sinn has criticised the European Central Bank’s (ECB) stress test for banks as “too tame”. Details

  42. Minimum Wage and Economic Growth – Politicians are Mistaken

    Oct 17, 2014: “Politicians are mistaken if they think that the statutory minimum wage recently passed by the German Parliament will not dampen economic activity and growth prospects”, says Niklas Potrafke, head of the Ifo Centre for Public Finance and Political Economy. “In fact, the minimum wage, which will take effect in January, is already subduing economic and growth prospects as businesses proactively factor in this prescribed wage level. The companies have anticipated that unit labour costs will rise and accordingly are already investing less. This is clouding the economic outlook and dampening long-term economic growth.” Details

  43. Ifo President Sinn Opposes Transfer of Risks to Taxpayers

    Oct 14, 2014: Ifo President Hans-Werner Sinn berates the purchase of government bonds by the European Central Bank (ECB). Commenting on the European Court of Justice proceedings, Sinn said: “The financial markets have only been calmed by the fact that the investment risk has been shifted from the clever gamblers behind screens to taxpayers who are acting in good faith. That is cynical. We allow investors to escape rather than bearing the consequences of their decisions. Ordinary people are being turned into hostages of the financial markets and speculators, who are forcing politicians to take measures that the majority of these ordinary people may not want. It has to stop. There are also normal citizens who need to be calmed, not just the markets.” Details

  44. Distinguished CES Fellow Jean Tirole Wins Nobel Prize in Economics

    Oct 13, 2014: at the Ecole Polytechnique, Harvard, Ecole des Hautes Etudes en Sciences Sociales, Stanford, University... Details

  45. Ifo Institute: Germany Must Stay in the Black

    Oct 13, 2014: The Ifo Institute is astonished by statements in the media that the Joint Economic Forecast allegedly repudiates the German Federal government’s aim to achieve a balanced budget as an “object of prestige”. On the contrary, the institutes explicitly welcome the aim of a balanced budget in their Joint Economic Forecast and oppose further economic stimulus packages. The concept of a balanced budget is a highly meaningful “object of prestige” for Germany that should be respected in order to maintain the country’s credit-worthiness. The scope for investments and reductions to the tax burden referred to in the forecast is generated by the budget surpluses to be expected this year and in 2014. It is a misrepresentation of the forecast to interpret these references as calls for further borrowing. No such calls are made at any point in the forecast text. Details

  46. Joint Economic Forecast for Autumn 2014: German Economy Stagnating – Now is the Time To Strengthen Growth

    Oct 9, 2014: The German economy will grow by 1.3 percent this year and by 1.2 percent in 2015, predict the economic research institutes involved in the Joint Economic Forecast in their autumn report. According to the report, Germany’s economy has cooled down markedly. With economic output falling in the second quarter and stagnating in the third quarter of 2014, the engine for economic growth is proving hard to rev up again. Both domestic and foreign demand is weak: the consumer climate deteriorated recently and companies remain cautious about investment. The moderate pace of growth in the world economy and the low level of economic impetus in the euro area over the forecasting period are also having a negative impact. In this environment the economic research institutes are in favour of strengthening growth and creating more favourable investment conditions. They see financial scope for a more investment-friendly tax system and higher spending on areas that promote growth like physical and human capital. Details

  47. Ifo Institute Supports Debt Repayment and Opposes Tax Increases

    Oct 7, 2014: The Ifo Institute welcomes the call made by the Heinrich Böll Foundation for the German government to repay its debts. At the same time, however, Ifo opposes its proposed increase in the top taxation rate for income tax, tax on capital gains and inheritance tax. Details

  48. Oliver Falck Is Appointed New Director of Ifo Center for Industrial Organisation and New Technologies

    Oct 7, 2014: Prof. Oliver Falck, aged 40, was appointed the new Director of the Ifo Center for Industrial Organisation and New Technologies at the beginning of October. His research focuses on innovation, growth and entrepreneurship. Falck succeeds Prof. Tobias Kretschmer, who left Ifo at the end of June and has since devoted himself exclusively to his activities at the faculty of business administration at the University of Munich. Details

  49. Only Moderate Recovery Expected in Euro Area

    Oct 6, 2014: Economic output in the euro area is only expected to increase moderately by 0.2 percent in the fourth quarter of 2014 versus the previous quarter. Three research institutes from Germany, France and Italy (Ifo, INSEE and ISTAT) also expect an increase of just 0.2 percent for the third quarter that has just ended. Geopolitical uncertainties continue to erode the confidence of economic players; and growth for 2014 as a whole is expected to total 0.8 percent. Growth will not accelerate until the first quarter of 2015, when it is expected to pick up by 0.3 percent versus the previous quarter. Details

  50. Ifo President Hans-Werner Sinn criticises decision of the ECB

    Oct 2, 2014: Ifo President Hans-Werner Sinn sharply criticised today the ECB’s plan to buy asset-backed securities (ABS) and covered bonds. “The ECB will turn completely into a bail-out authority and Europe’s bad bank,” he said in Munich. Details

Press contact

Harald Schultz

Ifo Institute
Press, Publications, Conferences
Phone: +49(0)89/9224-1218
Fax: +49(0)89/9224-1267
Email: schultz@ifo.de
Website


Short URL: www.ifo.de/w/3qqq2K5iN