German Ifo Business Climate was unchanged to 89.3 in May, below expectation of 90.3. Current Assessment Index fell from 88.9 to 88.3, below expectation of 89.9. Expectations Index rose from 89.7 to 90.4, slightly below expectation of 90.5.
By sector, manufacturing rose from -8.6 to -6.2. Services fell from 3.2 to 1.8. Trade rose from -22.0 to -16.9. Construction rose from -28.9 to -26.0.
Ifo said, “The manufacturing, trade, and construction sectors are recovering, although the service sector took a slight hit. Germany’s economy is working its way out of the crisis step by step.”
Full German Ifo release here.
