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Press releases in the past quarter

  1. Hans-Werner Sinn Accuses Troika of Misleading the Public

    Apr 24, 2014: The President of the Ifo Institute, Hans-Werner Sinn, has contradicted the statement by the Troika of the EU Commission, the ECB and the IMF that Greece generated a budget surplus of 0.8 percent of GDP in 2013. “This announcement is tantamount to misleading the public. In reality, there can be no talk of budget surpluses,” said Sinn on Thursday in Munich. “What the Troika had a Commission speaker announce in Brussels was a figure that simply excluded any items of expenditure declared to be non-recurring, and notably the costs of the bank bailout, although it is far from clear that further bank bailout funds will not be required in the future. Budget balances can always be made positive if enough items of expenditure are left out of them. That is why it is so important to abide by the Eurostat rules on primary deficit calculation, and not to bend those rules at will whenever it is convenient.” Details

  2. Ifo Business Climate Germany - Results of the April 2014 Ifo Business Survey

    Ifo Business Climate Index Rises

    Apr 24, 2014: The Ifo Business Climate Index for industry and trade in Germany rose in April to 111.2 points from 110.7 points last month. Assessments of the current business situation, which were already favourable, improved somewhat. Companies are also more confident about future business developments. Despite the crisis in Ukraine, the positive mood in the German economy prevails. Details

  3. German Health Insurance Funds criticise Schäuble

    Apr 11, 2014: The head of the German Association of National Health Insurance Funds, Doris Pfeiffer, has criticised Germany’s federal finance minister Wolfgang Schäuble. With his budgets for 2014 and 2015, “The German federal government is now reaching into the pockets of contributors to the social security system”, writes Pfeiffer in an article for the latest issue of ifo-Schnelldienst, published on Friday in Munich. Details

  4. Joint Economic Forecast Spring 2014: Upturn in German Economy, but Economic Policy Creates Headwind

    Apr 10, 2014: The German economy is experiencing an upturn in spring 2014. Gross domestic product (GDP) is expected to grow by 1.9 percent this year. The 68 percent projection interval ranges from 1.2 percent to 2.6 percent. Domestic demand is the main driver of growth. Consumer prices will increase by a moderate 1.3 percent in 2014. The number of persons in employment looks set to rise steeply once again in 2014. Economic activity, however, will have to weather an economic policy headwind. The entitlement to a full pension as of 63 years is a step in the wrong direction and the introduction of the minimum wage will curb the rise in employment in 2015. Details

  5. Growth Picks Up in Eurozone

    Apr 7, 2014: Economic growth is accelerating in the Eurozone. It will reach 0.4 percent in the first quarter of 2014, following 0.2 percent and 0.1 percent respectively in the two previous quarters. Economic output is subsequently anticipated to rise by 0.3 percent in both the second and third quarters of 2014. These are the results of forecasts by the research institutes Ifo, INSEE and Istat, based in Germany, France and Italy respectively. This economic upswing will be broad-based, covering all of the economic sectors and involving the majority of the 18 member countries. Details

  6. Credit Constraint Indicator - From the Ifo Business Survey for March 2014

    Credit Constraints Hit New Historic Low Again

    Mar 31, 2014: Credit constraints for German trade and industry once again fell to a new historic low in March, dropping to 18.5 percent from 18.6 percent in February. In other words, 18.5% of the companies surveyed reported restrictive access to bank credit. Financing conditions for German companies remain excellent. Details

  7. Results of the Ifo Business Survey for March 2014

    Ifo Business Climate for Eastern Germany Clouds Over

    Mar 28, 2014: The Ifo Business Climate Index for trade and industry for the Eastern German Länder fell in March 2014 for the first time since last summer. Eastern German companies assessed the current business situation just as positively as last month, but they were clearly less optimistic about future business developments. International tensions in the Ukraine conflict are fuelling insecurity in the Eastern German economy. Details

  8. How Sanctions against Russia Would Affect German Länder

    Mar 26, 2014: Saxony-Anhalt, Brandenburg, Bremen, Baden-Württemberg and Saxony would be the German Länder hit hardest by economic sanctions against Russia. These are the results of figures released by the Munich-based Ifo Institute on Wednesday. If imports from Russia are considered in relation to economic output, they account for 11.5 percent in Saxony-Anhalt and 10.9 percent in Brandenburg. Both Länder receive crude oil from Russia for their refineries in Schwedt and Leuna via the “Friendship” (“Druschba”) pipeline. These two refineries play a key role in local value creation and supply Eastern Germany with mineral oil products. Details

  9. Ifo Business Climate Germany - Results of the March 2014 Ifo Business Survey

    Ifo Business Climate Index Falls

    Mar 25, 2014: The Ifo Business Climate Index for industry and trade in Germany fell in March to 110.7 points from 111.3 points after four successive increases. Companies expressed far less confidence in future business developments, but were more satisfied with their current business situation. The crisis of the emerging economies and the events in Crimea are impacting the confidence of German firms. Details

  10. A Trade Boycott Would Hit Russia Much Harder Than the EU

    Mar 24, 2014: A full trade boycott by the EU would have a major impact on Russia. The EU, by contrast, would feel the effects of any boycott to a far lesser degree. “Exports to the EU currently account for 15 percent of Russian economic output. Conversely, exports by the EU to Russia account for only around 1 percent of the EU’s gross domestic product (GDP),” notes Ifo’s trade expert Gabriel Felbermayr. “That is why Russia would be far more strongly affected by a trade embargo in the short term.” Details

  11. German Nationwide Minimum Wage of 8.50 Euros Endangers up to 900,000 Jobs

    Mar 19, 2014: The introduction of a minimum wage of 8.50 euros will hardly increase the income of Germany’s poorest workers at all, but will endanger up to 900,000 jobs. “Workers who are currently topping up their income are hit particularly hard”, notes Ifo research professor Ronnie Schöb. Workers, or employees who also receive supplementary stage II unemployment benefits, will hardly take any extra cash home resulting from the wage increase, but face far higher unemployment risks. If the hourly wage of a single worker who receives supplementary benefits increases from 5 euros to 8.50 euros, his/her monthly net income will only increase by 60 euros per month or 6.1 percent; as the additional income earned will largely be offset against any stage II unemployment benefits claimed. For employers, however, labour costs will increase by 70 percent. Details

  12. Ifo Institute Regrets ESM Ruling

    Mar 18, 2014: The President of the Ifo Institute, Hans-Werner Sinn, regrets the decision taken by Germany’s Constitutional Court on the ESM euro bail-out fund. “The Court is setting the bar for unconstitutionality too high. Unconstitutionality is only assumed once the Bundestag has lost its control over the budget entirely”, said Sinn on Tuesday in Karlsruhe. The Federal Ministry of Finance will at least now have to earmark expected ESM payments in advance in the budget and cannot book these payments ex post as an amendment or an emergency budget measure. Details

  13. German Economic Output Set to Rise Suddenly Thanks to New Statistics

    Mar 13, 2014: German economic output is set to rise suddenly by three percent in September. These are the indications of the German Federal Statistical Office’s estimates featured in a recent ifo Schnelldienst report published by the Munich-based Ifo Institute. Details

  14. Construction: Ifo Business Climate Improves for Architects

    Mar 13, 2014: Good news from the German construction sector: the business climate for freelance architects in Germany clearly improved at the beginning of the first quarter of 2014, with the order backlog rising from 5.9 months to 6.5 months. This brought the number of orders in hand up to a level last seen during the residential construction boom that followed German reunification. These were the results of Ifo's regular survey released on Thursday 13 March 2014. Details

  15. Credit Constraint Indicator - From the Ifo Business Survey for February 2014

    Credit Constraints Hit New Historic Low

    Feb 28, 2014: Credit constraints for German trade and industry plunged to a new historic low. The previous record low reached in December 2013 was undercut by 0.6 percentage points this month. At present only 18.6% of the companies surveyed report restrictive access to bank credit. Financing conditions for German companies remain excellent. Details

  16. Harald Schultz Is Appointed as Ifo Institute’s New Press Officer

    Feb 28, 2014: The Munich-based Ifo Institute has appointed Harald Schultz as its new press officer. Prior to joining Ifo the 55-year old worked as a freelancer in Berlin, primarily for ZEIT Online, as well as for the KircherBurkhardt Agency for in-house corporate magazines. He was previously Business News Department Head at the news agency dapd. Details

  17. 2014 EEAG Report on the European Economy

    Feb 27, 2014: • World GDP to grow by 3.4 percent in 2014 • US GDP to expand by 2.6 percent • European Union and Eurozone GDP to grow by 1.2 and 0.7 percent, respectively • Switzerland could be a useful blueprint for the European Union Details

  18. German Industry: Greater Willingness to Invest in 2014

    Feb 27, 2014: According to the results of the current Ifo Investment Survey, German industry invested around 57 billion euros in new tangible assets in 2013. This represented a nominal (and real) increase of 3% in investment versus 2012. Based on companies’ reported plans a 9% nominal increase (real: around 8%) in investment by industry can be expected in 2014. Around 66% of manufacturers intend to increase their investment expenditure in 2014, while 30% plan to invest less than last year. The remaining 4% of survey participants plan no change in investment volumes in 2014 versus 2013. Details

  19. Results of the Ifo Business Survey for February 2014

    Ifo Business Climate for Eastern German Länder Brightens Considerably

    Feb 27, 2014: The Ifo Business Climate Index for Eastern German trade and industry rose sharply in February. The current business situation improved considerably compared to last month. Survey participants in the Eastern German Länder expect their future business developments to be considerably more favourable. The Eastern German economy moved up a gear this month. Details

  20. Ifo Business Climate Germany - Results of the February 2014 Ifo Business Survey

    Ifo Business Climate Index Continues to Rise

    Feb 24, 2014: The Ifo Business Climate Index for industry and trade in Germany continued to rise in February. Assessments of the current business situation were significantly better than last month. Expectations regarding future business developments dipped slightly, but remain optimistic. The German economy is holding its own in a changeable global climate. Details

  21. Ifo World Economic Climate Continues to Brighten

    Feb 13, 2014: The Ifo Indicator for the world economic climate continued to rise. Assessments of the current economic situation were more positive than three months ago. The six-month economic outlook remains bright. The world economy is expected to gain momentum in the months ahead. Caution, however, must be exercised in interpreting these assessments since they do not reflect the turbulence seen in the currency markets of emerging economies since the end of January. Details

  22. Effectiveness of OMT Programme Called into Question

    Feb 12, 2014: The ECB's OMT programme, should it ever be put into practice, hardly seems capable of achieving its official goal, namely to restore the monetary policy transmission mechanism in the Eurozone. These are the findings of a recent CESifo Working Paper by the researchers Timo Wollmershäuser, Nikolay Hristov (both at the Ifo Institute), Thomas Siemsen (University of Munich) and Oliver Hülsewig (Munich University of Applied Sciences and Ifo Institute). The OMT programme is consequently unsuitable as a monetary policy instrument. Details

  23. Further Relief Planned on Bailout Loans to Greece

    Feb 11, 2014: On 5 February the news agency Bloomberg reported that discussions over further relief on Greece’s bailout loans were taking place at an EU level. According to these discussions, the term of the loans is to be extended to 50 years, while the interest charged is to be reduced by 0.5 percentage points. Details

  24. Comments by the Ifo Institute and Prof. Hans-Werner Sinn on Today’s Statement by Germany’s Constitutional Court on the ECB’s OMT Programme

    Feb 7, 2014: In a statement issued today Germany’s Constitutional Court declared that, in its opinion, the European Central Bank exceeded its mandate with its OMT programme for the acquisition of government bonds, but transfers the case for a final ruling to the Court of Justice of the European Union. Details

  25. Advance results of the Ifo World Economic Survey (WES) of 1st quarter 2014

    Ifo Economic Climate Indicator in the Euro Area Continues to Rise

    Feb 6, 2014: The Ifo Indicator for the economic climate in the euro area continued to rise. The improvement was mainly due to far less unfavourable assessments of the current economic situation. The economic outlook for the next six months remains unchanged at the highest level for around three years. The economic recovery should become more marked in the months ahead. Details

  26. Credit Constraint Indicator - From the Ifo Business Survey for January 2014

    Credit Constraints Increase Slightly

    Jan 31, 2014: After dropping to a historical low last month, credit constraints for German trade and industry rose slightly. 19.5% of the companies surveyed reported restrictive access to bank credit, marking a 0.3 percent increase versus December. There has, however, been no change to the very good financing conditions for German companies. Details

  27. Ifo Institute: Environmental Sector Harbours Confident Expectations Despite Stiffer Competition

    Jan 30, 2014: After its crisis in 2009, the German environmental sector has recovered considerably. The number of staff employed by small and medium-sized companies (SMEs) in this sector increased slightly in 2010 and 2011, and their turnover rose significantly. Growth perspectives are good and employees are highly qualified. These are the results of a written survey conducted by the Ifo Institute in 2011 and 2012 in the framework of a research project on behalf of the German Federal Environmental Agency. Details

  28. Results of the Ifo Business Survey for January 2014

    Upward Trend in Ifo Business Climate for Eastern Germany Continues

    Jan 30, 2014: The Ifo Business Climate for Eastern German trade and industry continued to improve at the beginning of 2014. The Eastern German companies surveyed are equally as satisfied with their current business situation as they were in December 2013 and expressed greater optimism about future business developments. The Eastern German economy made a dynamic start to the New Year. Details

  29. Special Compensation Scheme in EEG: Courage Needed To Radically Restructure

    Jan 27, 2014: National solo efforts in climate policy that increase the manufacturing costs of domestic companies endanger jobs and do little for the global climate. Details

  30. Ifo Business Climate Germany - Results of the January 2014 Ifo Business Survey

    Ifo Business Climate Index Rises

    Jan 27, 2014: The Ifo Business Climate for industry and trade in Germany improved for the third time in succession. Assessments of the current business situation rose to their highest level since June 2012. Expectations regarding future business developments reached their most optimistic level in almost three years. The German economy made a promising start to the New Year. Details

  31. Ifo Viewpoint No. 151: Rescuing Europe from the Ground Up

    Jan 21, 2014: The European Union has earned its place as an instrument for peace in Europe. Free trade has brought prosperity to its peoples, and the freedom to choose a place of residence guards against the resurgence of totalitarian regimes. The Acquis Communautaire protects all member states’ citizens under the rule of law. Anyone who doubts the existence of these benefits need only look to Kyiv’s “Euromaidan”, where hundreds of thousands of people have been gathered for weeks to demonstrate their support for closer ties with Europe, rather than an alliance with Vladimir Putin’s Russia. Details

  32. CESifo DICE Report 4/2013 online

    CESifo DICE Report 4/2013: Interest Groups and Bank Regulation

    Jan 20, 2014: In the wake of the financial and sovereign debt crisis, the state of bank regulation was called into question. As a result, major institutional changes in the regulation of banks were advocated by different groups, some of which have already been implemented. In the current issue of the CESifo DICE Report the authors look at the role of interest groups in this complex system and show how they influence bank regulation. Details

  33. Germany is World Champion in Capital Export

    Jan 14, 2014: Germany is likely to have achieved the highest current account surplus in its history in 2013 at 200 billion euros, and therefore exported a record amount of capital, according to estimates by the Ifo Institute. The current account balance also increased in relation to nominal gross domestic product and now stands at 7.3%. This development was almost entirely due to trade in goods. Details

  34. A Moderate Recovery

    Jan 10, 2014: As projected, GDP in the Eurozone expanded by a meagre 0.1% in Q3 2013, as export growth fell sharply. Economic activity is expected to accelerate modestly over the forecast horizon (+0.2% in Q4 2013, +0.2% in Q1 2014 and +0.3% in Q2 2014) with a gradual shift in growth engines from external to domestic demand. 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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