German Business Confidence Outpaces in Nov. - Ifo Institute

The Ifo Business Climate Index for industry and trade in Germany rose in November to 104.7 points from 103.2 points in October. (Consensus estimates were looking for a reading of 103.) 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.

In manufacturing the business climate indicator rose after six consecutive decreases. Manufacturers are more satisfied with their current business situation. They are also somewhat less pessimistic about their business outlook. Manufacturers continue to expect further stimuli from export business.

In wholesaling the business climate improved markedly. Wholesalers assess their current business situation as significantly better. Business expectations turned slightly positive. The business climate also brightened in retailing. Thanks to a marginal improvement in the current business situation, positive and negative assessments are now balanced. Retailers are far less pessimistic about future business developments.

In construction the overall favourable current business situation deteriorated only marginally. The marked improvement in business expectations is typical for this time of the year.

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