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Ifo Business Climate Germany - Results of the August 2014 Ifo Business Survey

Ifo Business Climate Index in Further Decline

Aug 25, 2014

The Ifo Business Climate Index for industry and trade in Germany fell in August to 106.3 points from 108.0 in the previous month. The firms were again less satisfied with their current business situation. Also with regard to the further course of business, they are more sceptical than in the previous month. The German economy continues to lose steam.

 In manufacturing the business climate index fell to its lowest level since July 2013. The current business situation was assessed less favourably for the third time in succession. The outlook for the coming months also deteriorated noticeably. Less stimulus is expected from export business.

In wholesaling the business climate index fell to its lowest level in a year. The wholesalers were significantly less satisfied with their current business situation. The majority of expectations are now slightly pessimistic for the first time since July 2013. In retailing as well, the business climate deteriorated significantly. The assessments of the current situation took a clear turn for the worse. Future business developments were again assessed somewhat more sceptically.

In construction the business climate index rose slightly. The construction companies were slightly more satisfied with their current situation than in July. In addition, they are slightly more optimistic regarding the business outlook.

Prof. Dr. Dr. h.c. mult. Hans-Werner Sinn
Präsident a.D. des ifo Instituts

Ifo Expert

Dr. Klaus Wohlrabe

Ifo Institute
Ifo Center for Business Cycle Analysis and Surveys
Phone: +49(0)89/9224-1229
Fax: +49(0)89/9224-1463
Email: wohlrabe @ ifo.de
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Ifo Institute
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Fax: +49(0)89/9224-1267
Email: schultz @ ifo.de
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