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Press releases in the past quarter

  1. Fuest Calls for EU Budget Reform

    Mar 23, 2017: Ifo President Clemens Fuest has called for a reform of the EU budget. “Under the current institutional framework conditions, huge improvements could be achieved by scrapping the VAT resource and overly-complicated national rebates, and by implementing expenditure reforms,” writes Fuest in the latest issue of the ifo Schnelldienst. Details

  2. German Architects Break Open the Bubbly

    Mar 22, 2017: An elated mood prevails among German architects, who reported another marked improvement in their business climate in the first quarter of 2017. The indicator for the business climate among architects topped its previous record reached in the first quarter of 1990, and was 2 percent higher than six months ago. German architects not only reported improvements in their current business situation, but were also more positive about their six-month business outlook, which more than compensated for the dip seen in the last quarter of 2016. Details

  3. Germany’s Small Investor Protection Act Doesn’t Curb Crowdfunding

    Mar 21, 2017: The Small Investor Protection Act has had no negative impact on crowdfunding in Germany. This is the key finding of a new study conducted by the Ifo Institute together with external economists and legal experts on behalf of the German Federal Ministry of Finance. Critics had feared that the new law would compromise crowdfunding and hamper social and non-profit projects. In reality, however, hardly any social and non-profit projects are regulated by the law, which is why the legal exemption clauses for such projects are of little relevance. “The law has unsettled decision-makers working on social and non-profit projects. In many cases they are poorly informed of exceptions and exemption clauses,” notes Christa Hainz, Deputy Director of the Ifo Center for International Institutional Comparisons and Migration Research. Details

  4. German Manufacturing Fears New US Customs Duties

    Mar 15, 2017: German manufacturers are worried about new tariffs in the US but expect that these will have little effect on sales. A minority is considering production shifts to the US. This is the result of a new survey conducted by the Ifo Institute among 2700 companies in the manufacturing sector. According to the survey, nearly 45 percent expect completely new customs duties, and 36 percent anticipate an increase of existing customs barriers. The introduction of other trade barriers is expected by 37 percent, whereas 28 percent foresee no changes (multiple responses were possible). “The companies do not seem to be over-concerned. Only 18 percent expect a drop in sales, but 6 percent expect an increase and 76 percent foresee no change”, says Gabriel Felbermayr, Head of the Ifo Center for International Economics. Details

  5. Ifo President Fuest Regrets ECB Decision

    Mar 9, 2017: Ifo President Clemens Fuest regrets the ECB’s recently announced decision. “It would be better to further scale back bond purchases as of May. We are expecting an inflation rate of just below two percent in Germany and the euro area for 2017. This is an indication that it is time for the European Central Bank (ECB) to start phasing out its expansionary monetary policy in Europe. It should now take its foot off the gas and scale back its bond purchases by 10 billion euros per month,” warned Fuest. “That means scaling back purchases to 50 billion euros in May, 40 billion euros in June and so forth.” As of April the ECB will be spending 60 billion euros a month on bond purchases to boost inflation towards the two percent marker. “The ECB should stem this flood of money or run the risk of overshooting its target,” Fuest added. Details

  6. Ifo President Fuest: Time for ECB to Take its Foot Off the Gas

    Mar 9, 2017: Ifo President Clemens Fuest expects an inflation rate of just below two percent in Germany and the euro area for 2017. Details

  7. German Manufacturers Plan 5 Percent Increase in Investments for 2017

    Mar 8, 2017: German manufacturers plan to increase their investments by around 5 percent in 2017 versus 3 percent last year, according to the latest results of the Ifo Investment Survey. Details

  8. Retirement at 63 Impacts Majority of German Companies

    Mar 6, 2017: Retirement at 63 is already affecting the majority of German companies, according to the results of the latest Randstad Ifo Personnel Manager Survey. 52 percent of the firms surveyed reported that some of their staff members have already retired at the age of 63. More companies (62 percent) in manufacturing are affected than in distribution (53 percent) and the service sector (44 percent). A further 12 percent of all companies reported that they have employees who intend to retire at the age of 63 over the next two years. Details

  9. Prize for Best Doctorate in Economics of Education Goes to Thesis on Pupils that Repeat Years at School

    Mar 2, 2017: The Economics of Education Committee in the Verein für Socialpolitik, the association of German-speaking economists, has presented its award for the best doctoral thesis in the economics of education 2015/2016 to Jan Bietenbeck. The Roland Berger Foundation for European Business Leadership donated the prize money of 2,000 euros that accompanied the award. Details

  10. EEAG Report 2017: Economics of Populism

    Mar 1, 2017: This year’s European Economic Advisory Group (EEAG) report discusses the worrying rise of populism, which poses a serious threat to the development of the world economy and European cohesion. What is the populist economic agenda, why is it misleading and what steps can be taken to stem the recent surge in populism? Details

  11. Results of the Ifo Business Survey for February 2017

    Ifo Business Climate Index for Eastern Germany Declines

    Feb 27, 2017: Unlike in Germany as a whole, the Business Climate Index for eastern German trade and industry fell significantly in February and deteriorated from 109.8 points to 109.4 points this month. Although survey participants’ assessments of the current business situation improved slightly, the six-month business outlook clouded over markedly. Details

  12. Hans-Werner Sinn Awarded Fourth Honorary Doctorate

    Feb 24, 2017: The University of Economics in Prague has awarded former Ifo Institute President Hans-Werner Sinn an honorary doctorate. Details

  13. Ifo Export Expectations - Results of the Ifo Business Survey for February 2017

    German Exporters More Optimistic

    Feb 24, 2017: German exporters expressed growing optimism in February. The Ifo Export Expectations rose from 12.1 balance points in January to 14.6 balance points this month. These figures point to a clear upturn in exports in the first quarter, with no sign of any “Trump” effect visible to date. Companies that export to the USA even reported a slightly improved outlook. Details

  14. Ifo Employment Barometer - Results of the Ifo Business Survey for February 2017

    German Companies Marginally Less Keen to Recruit

    Feb 24, 2017: German companies were marginally less keen to expand their staff bases this month, but recruitment levels nevertheless remain high. The Ifo Employment Barometer edged downwards to 110.6 points in February from 110.7 points last month. While the employment dynamic is losing impetus in the service sector, it remains strong in manufacturing. Details

  15. Results of the February 2017 Ifo Business Survey

    Ifo Business Climate Index for the Service Sector Falls

    Feb 23, 2017: 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. Details

  16. Ifo Business Climate Germany - Results of the February 2017 Ifo Business Survey

    Ifo Business Climate Index Rises

    Feb 22, 2017: Sentiment among German managers improved this month. The Ifo Business Climate Index rose to 111.0 points in February from 109.9 (seasonally adjusted) points last month. Assessments of the current business situation reached their highest level since August 2011. Companies also expressed greater optimism about the months ahead. After making a cautious start to the year, the German economy is back on track. Details

  17. Free trade with Russia Could Bring Benefits for Germany and EU

    Feb 20, 2017: A free trade area for the European Union, Russia and other states would have economic advantages for all concerned, according to model-based calculations by the Ifo Institute. According to Ifo’s research results, a comprehensive agreement between the EU and the Eurasian Economic Community could lead to a 0.2 percent increase in real per capita income in the EU, corresponding to an annual EUR 91 upturn in per capita income. For Russia this increase could be as high as three percent or EUR 235 per year. “These income gains stem from the fact that the economic structures on all sides are highly complementary,” explained Gabriel Felbermayr, Director of the Ifo Center for International Economics speaking at a conference held at the Ifo Institute entitled: “Common Economic Space from Lisbon to Vladivostok.” Details

  18. German Economists Sceptical About Brexit Timetable

    Feb 16, 2017: German economists are sceptical about the forthcoming Brexit negotiations, according to the results of the latest Economists Panel conducted by the Ifo Institute and the Frankfurter Allgemeine Zeitung. 70 percent of survey participants believes that the British government’s two-year timetable for negotiating a comprehensive free trade agreement with the European Union is unrealistic. Only 21 percent of the German 125 economics professors surveyed believes that a deal can be negotiated within the next two years, while the remainder is unsure. Details

  19. Ifo President Fuest Demands Far-Reaching Reform of Eurozone

    Feb 14, 2017: Ifo President Clemens Fuest has called for a comprehensive reform of the Eurozone. “The Eurozone requires urgent reforms. Procedures and competencies now need to be changed if lasting stability in the currency union is to be achieved,” he said on Tuesday in Berlin at the presentation of his new book “The Odysseus Complex” (“Der Odysseus-Komplex” published in German), co-authored by Fuest and finance expert Johannes Becker from Muenster. Details

  20. Results of the Ifo World Economic Survey (WES) of 1st quarter 2017

    Ifo World Economic Climate Continues to Brighten

    Feb 13, 2017: The Ifo World Economic climate continued to improve this quarter. The indicator rose to +2.6 balance points from -1.2 points previously. Experts’ assessments of the current economic situation were no longer quite as unfavourable as last quarter. Expectations also brightened somewhat, pointing to a moderate recovery in the world economy. Details

  21. Advance results of the Ifo World Economic Survey (WES) of 1st quarter 2017

    Ifo Economic Climate in the Euro Area Brightens Markedly

    Feb 6, 2017: Economic sentiment in the euro area continued to firm this quarter. The Ifo Economic Climate improved to 17.2 balance points in the first quarter from 8.2 balance points previously. Expectations are far more positive than last quarter. The experts surveyed also assessed their current economic situation more favourably. The economic recovery is gathering impetus. Details

  22. Territorial Reforms: Dubious Benefits, High Political Costs

    Jan 31, 2017: Territorial reforms negatively impact democratic participation and do not tend to make public administration more efficient. These are the findings of a new overview study by Sebastian Blesse, Centre for European Economic Research (ZEW) in Mannheim and Felix Roesel, Dresden Branch of the Ifo Institute. Details

  23. Germany Emerges as Capital Export World Champion in 2016 - USA Comes Out Top in Capital Imports

    Jan 30, 2017: Germany once again emerged as capital export world champion in 2016, according to preliminary calculations by the Ifo Institute. Germany’s current account surplus is expected to have totalled 297 billion US dollars (268 billion euros) in 2016. China ranks second with an anticipated current account surplus of 245 billion US dollars. The USA, by contrast, is expected to show the biggest capital imports in the world, with a deficit of 478 billion US dollars for 2016. Current account surpluses (goods, services, interest rates, wages and transfer payments) mean capital exports, while deficits represent capital imports. Details

  24. Results of the Ifo Business Survey for January 2017

    Ifo Business Climate Index for Eastern Germany Declines

    Jan 30, 2017: The seasonally-adjusted Ifo Business Climate Index for trade and industry in Eastern Germany declined slightly at the start of the year. Although business was somewhat better than in December, expectations for the first half of 2017 clouded over markedly. After several months of growing optimism, Eastern German companies were clearly less positive about the future in January. Details

  25. Ifo Export Expectations - Results of the Ifo Business Survey for January 2017

    German Exporters More Optimistic Despite Trump

    Jan 27, 2017: German exporters started the year in an optimistic mood. Their export expectations rose from 8.2 balance points in December to 12.0 balance points in January. The German economy currently seems unfazed by the protectionist rhetoric of the new US President. Details

  26. Ifo Employment Barometer - Results of the Ifo Business Survey for January 2017

    German Firms Less Eager to Recruit

    Jan 27, 2017: German firms are still planning to recruit additional staff, but on a smaller scale than in previous months. The Ifo Employment Barometer dropped to 110.7 points in January from 111.8 points in December. Employment growth in Germany is nevertheless expected to continue in 2017. Details

  27. European Construction Continues to Recover

    Jan 26, 2017: Construction in Europe grew by 2 percent in 2016. Annual growth in the sector is expected to continue at around this rate for the next three years until the end of 2019, according to calculations by the EUROCONSTRUCT research network, of which the Ifo Institute is a founding member. The strongest stimuli will come from new residential construction, which grew by a good 7 percent in 2016. Details

  28. Results of the January 2017 Ifo Business Survey

    Ifo Business Climate Index for the Service Sector Falls

    Jan 26, 2017: Service providers’ high spirits waned again in January. The Business Climate Index for the Service Sector fell to 109.3 points this month from 110.8 points in December. Service providers were slightly less satisfied with their current business situation and are less optimistic about the months ahead. Many service providers are nevertheless planning to recruit additional staff. Prices are expected to rise in many segments. Details

  29. Ifo Business Climate Germany - Results of the January 2017 Ifo Business Survey

    Ifo Business Climate Index Falls

    Jan 25, 2017: Sentiment among German managers weakened in January. The Ifo Business Climate Index fell to 109.8 points this month from 111.0 points in December. Companies expressed greater satisfaction with their current business situation, but are less optimistic about their six-month business outlook. The German economy made a less confident start to the year. Details

  30. Ifo Credit Constraints

    Jan 23, 2017: The Credit Constraints survey will cease to be published in its present form at the beginning of 2017. Scientific analyses have shown that the formulation of the questions underpinning the survey was not optimal. Details

  31. Ifo President Fuest Regrets ECB Decision

    Jan 19, 2017: Ifo President Clemens Fuest regrets the European Central Bank’s decision not to reduce its monthly government bond purchases to below 60 billion euros as of April. Details

  32. Fuest Favours Free Trade with Great Britain

    Jan 17, 2017: Europe and Great Britain should come to a cooperative solution that minimises the economic and political damage done by Brexit on both sides, according to Ifo President Clemens Fuest. Details

  33. Fuest: Seek Dialogue with Trump

    Jan 16, 2017: Ifo President Clemens Fuest has called upon Germany and Europe to engage in a dialogue with the future US President Donald Trump. “We should seek a dialogue with Trump to positively influence the further development of his economic plans,” Fuest said on Monday in Munich. Details

  34. Ifo President Clemens Fuest Awarded Honorary Doctorate

    Jan 11, 2017: The Karlsruhe Institute of Technology has awarded Ifo President Clemens Fuest an honorary doctorate. Fuest received the award for his services to public finance and for putting academic insights into economic policy practice on Wednesday in Karlsruhe. Details

  35. Eurozone Economy Stages Gradual Recovery

    Jan 11, 2017: The Eurozone economy is recovering gradually. Growth of 0.4 percent can be expected in both of the first quarters of 2017 respectively, after 0.4 percent growth in the fourth quarter of 2016, according to forecasts by the Ifo Institute (Munich), INSEE (Paris) and ISTAT (Rome). This development will be driven by private and public consumption. Despite an increase in inflation, the disposable income of private households stands to benefit from rising wages and improving labour market conditions. Investments will also recover slightly in the first half of 2017. Details

  36. Geschäftsklima für Architekten leicht abgekühlt

    Dec 22, 2016: Das Geschäftsklima bei den freischaffenden Architekten in Deutschland hat sich geringfügig abgekühlt. Es ist aber immer noch ausgesprochen gut. Zuvor war es fünf Quartale in Folge deutlich gestiegen. Nunmehr bezeichnet die Hälfte der Befragten ihre Lage als gut, zuvor waren es 54 Prozent. Unzufrieden zeigten sich 14 Prozent, zuvor war es 11 Prozent. Auch bei den Aussichten für die kommenden sechs Monate schleicht sich ein wenig Skepsis ein. Von einer eher günstigen Entwicklung gehen 14 Prozent aus, zuvor waren es 18 Prozent. Eher ungünstiger könnte die Entwicklung für rund 10 Prozent werden, das ist aber kaum verändert gegenüber dem Vorquartal. Details

  37. Results of the Ifo Business Survey for December 2016

    Ifo Business Climate Index for Eastern Germany Rises

    Dec 22, 2016: The seasonally-adjusted Ifo Business Climate for the eastern German Länder brightened slightly again towards the end of the year. Thanks to a marginal upturn in business, expectations rose for the fourth month in succession. The eastern German economy will gain impetus in the New Year. Details

  38. Credit Constraint Indicator - From the Ifo Business Survey for December 2016

    Ifo Credit Constraints Edge Downwards

    Dec 22, 2016: It has become slightly easier for German companies to access bank loans. Credit constraints for German trade and industry fell slightly from 14.6 percent in November to 14.5 percent in December. This is the share of companies reporting restrictive lending by banks. Financing conditions were very favourable in 2016 and are expected to remain so in 2017. Details

  39. Ifo Employment Barometer - Results of the Ifo Business Survey for December 2016

    Companies Seek to Recruit Extra Staff

    Dec 22, 2016: German companies plan to recruit additional staff. The Ifo Employment Barometer rose to 111.8 points in December from 111.1 points last month, marking a new historic record since the inclusion of service providers in the survey in 2002. The number of jobs continues to rise unabated and there is no end to the employment boom in sight. Details

  40. Ifo Institute: Avoiding a Trade War with China

    Dec 20, 2016: The Ifo Institute has warned against waging a trade war with China. “To avoid any such war, the EU should abolish the legal classification of countries as market or non-market economies, which impacts the level of punitive tariffs imposed on unfairly traded goods,” says Erdal Yalcin, Deputy Director of the Ifo Center for International Economics. At the same time, the EU should retain the option to make cost adjustments to excessively cheap exports from China on a case-specific basis, like it does with exports from Russia. “In China overcapacities in individual branches like the steel and chemicals industry are due to direct or indirect state intervention. Case-specific cost adjustment is urgently required to enable these industries in the EU to defend their interests,” explains Yalcin. Details

  41. Ifo Export Expectations - Results of the Ifo Business Survey for December 2016

    Falling Euro Raises German Exporters’ Hopes

    Dec 20, 2016: German manufacturers hope that exports will rise. Their export expectations rose from 6.7 balance points in November to 8.0 balance points in December. Expectations were fuelled by the US Fed’s announcement of an interest rate increase, which pushed up the US dollar exchange rate. German exporters hope that their foreign business will also improve in 2017. Details

  42. Ifo Business Climate Germany - Results of the December 2016 Ifo Business Survey

    Ifo Business Climate Improves in the Run-Up to Christmas

    Dec 19, 2016: The German economy is in a festive mood. The Ifo Business Climate Index rose in December to 111.0 points from 110.4 points in November. Assessments of the current business situation improved, reaching their highest level since February 2012. The business outlook for the first half of 2017 is also slightly more optimistic. The German economy is making a strong finish to the year. Details

  43. German Economists Oppose Italy Exiting Eurozone

    Dec 19, 2016: A large majority of German economists opposes Italy exiting the Eurozone: 61 percent are against an exit, versus 29 percent in favour. These are the latest results of the Economists Panel jointly conducted by the Ifo Institute and the Frankfurter Allgemeine Zeitung. Details

  44. Ifo Institute Upwardly Revises Forecast for 2017 to 1.5 Percent Growth

    Dec 16, 2016: The Ifo Institute has upwardly revised its economic forecast for 2017 slightly. It now expects economic output to grow by 1.5 percent, after jointly forecasting just 1.4 percent growth with other institutes in autumn. “All of the signs indicate that the fourth quarter of 2016 will be stronger than previously anticipated, and that this dynamic will continue into the New Year,” said Ifo President Clemens Fuest on Friday in Berlin. The Ifo Institute confirmed the Joint Economic Forecast of 1.9 percent growth for 2016. “The change in pace from 2016 to 2017 is merely due to a lower number of working days,” added Fuest. The Ifo Institute also upwardly revised its forecast for 2018 somewhat from 1.6 to 1.7 percent. Details

  45. Fuest Welcomes Interest Rate Hike in USA

    Dec 14, 2016: Ifo President Clemens Fuest welcomes the interest rate hike implemented by the US Federal Reserve. “This is a step in the right direction and should be followed up by further measures. The inflation rate in the USA is rising, and it is important that timely monetary policy measures are taken to counterbalance it,” he noted. Details

  46. Fuest Welcomes ECB Decision

    Dec 8, 2016: Ifo President Clemens Fuest has welcomed the European Central Bank's decision to scale back its purchases of government bonds as of March. “This is a step in the right direction. It would have been even better if the ECB had decided to make bigger cuts to the volume of its purchases, reducing them month by month,” he added. Details

  47. Bundesbank TARGET2 Credit Hits All-Time High

    Dec 8, 2016: The Bundesbank’s balances within the Eurosystem (TARGET2 balances) hit an all-time high of 754 billion euros in November. Last month alone they rose by 46 billion euros. "The sharp increase was primarily due to growing capital flight from Italy and repurchasing operations by the European Central Bank (ECB),” said Ifo President Clemens Fuest in Frankfurt. "The German federal government should intervene and prompt the ECB to take measures to stem this irregular and excessive use of TARGET2 balances aimed at regrouping assets within the Eurozone," added Fuest. Details

  48. German Companies Less Satisfied with Graduate Recruits

    Dec 7, 2016: German companies are less satisfied with their newly-recruited graduates than a decade ago. According to the Randstad Ifo Personnel Managers Survey, 32 percent of survey participants were less satisfied with graduate education, while only 2 percent were more satisfied and 43 percent reported no change in their satisfaction level. Details

  49. Fuest: ECB Should Phase Out Bond Purchases

    Dec 6, 2016: Ifo President Clemens Fuest has called on the European Central Bank (ECB) to scale back its bond purchases as of April 2017. "The ECB’s argument that the inflation rate in the euro area is too low will no longer be applicable in 2017” explained Fuest. Details

  50. Ifo Institute Favours Expansion of Customs Union with Turkey

    Dec 2, 2016: The Ifo Institute has expressed its support for a customs union between the EU and Turkey. “A deepening of the customs union would help to stabilise the current situation in the Turkish economy and could also constitute a political bridge,” said Erdal Yalcin, Deputy Director of the Ifo Center for International Economics, which has produced a study on the topic for the Bertelsmann Foundation. According to the study, expanding the customs union would lead to an increase in Turkish economic output of 1.84 percent. Agricultural exports from Turkey to the EU could increase by 95 percent, while exports of services may soar by as much as 430 percent. 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
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