The ifo business climate index rose to 88.6 points in December, after 86.4 points in November.
(Photo: dpa)
Berlin The mood in the executive floors of German companies brightened in December for the third month in a row. The Ifo business climate index rose to 88.6 points from the revised 86.4 points in the previous month, as the Munich Ifo Institute announced on Monday in its survey of around 9,000 executives. Economists polled by Reuters had only expected 87.4 points.
Companies were more satisfied with current business: this situation indicator had previously fallen six times in a row. Expectations also improved noticeably. “The German economy draws hope at Christmas,” said Ifo President Clemens Fuest.
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The latest survey data from the financial services provider S&P Global confirm the upward trend, according to which the downward slide in the German economy slowed down significantly towards the end of the year. At 48.9 points, the purchasing managers’ index for the private sector moved closer to the growth threshold of 50 points and reached its highest level in six months. The Ifo Institute expects a minimal minus of 0.1 percent in gross domestic product for 2023.
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