The mood in the German economy deteriorated again in October. The Ifo business climate fell only slightly by 0.1 points to 84.3 points compared to the previous month, as the Ifo Institute announced on Tuesday in Munich. Economists had expected a much stronger downturn and expected an average drop to 83.5 points.
The Ifo business climate index, which is based on a survey of around 9,000 companies, had already fallen in the previous month. “Nevertheless, companies are looking to the next few months with concern. The German economy is facing a difficult winter,” said Ifo President Clemens Fuest.
With the current damper, the most important German economic barometer slipped to its lowest level since May 2020. During the Corona crisis, however, the info index fell significantly lower at times.
“The mood in the German economy remains gloomy,” commented Fuest. According to the survey, companies were less satisfied with their current business in October. However, the outlook has improved. “Nevertheless, companies are looking to the next few months with concern,” said Fuest.
