The energy crisis pushed the Ifo business climate index down from 88.6 points to 84.3 points in September, the lowest level since May 2020.
(Photo: dpa)
Berlin According to the Ifo survey, the mood among German exporters has cooled off. Export expectations fell in September to their lowest level since May 2020, the Munich economic research institute announced on Tuesday. Increases in exports are currently not in sight.
“Even in the medium term, greater momentum is hardly to be expected due to the cooling global economy,” emphasized Ifo President Clemens Fuest. Export expectations are negative in most industrial sectors.
The chemical industry is therefore assuming a significant decline. The situation is similar for furniture manufacturers. The metal industry is much more pessimistic about foreign business in the next three months.
After a brief interim low in August, the prospects among the beverage manufacturers tend to be optimistic again, said the Ifo boss. “The automotive industry is also assuming that it will export more in the fourth quarter.”
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The monthly survey by Munich researchers showed at the beginning of the week that the mood in the executive floors of German companies is worse than it has been since the beginning of the corona crisis.
The energy crisis pushed the Ifo business climate index down from 88.6 points to 84.3 points in September, the lowest level since May 2020. “The German economy is slipping into recession,” Fuest explained.
More: Leading institutes expect a recession and rising inflation in Germany in 2023