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- German IFO Business Climate Index rose in line with forecasts in November
German IFO Business Climate Index rose in line with forecasts in November
According to the report from Ifo Institute for Economic Research, German Business Climate Index came in at 95.0 in November, firmer than last month's 94.6 and meeting the consensus estimates. Meanwhile, the Current Economic Assessment arrived at 97.9 points as compared to last month's 97.8 and 98.0 anticipated. On the other hand, Expectations Index – indicating firms’ projections for the next six months, came in at 92.1 for November, up from previous month’s 91.5 reading but missed market expectations of 92.5.
Following the release, the institute said that the German economy is showing resilience. "Manufacturing is still stuck in recession. The signs are that business will be very good this Christmas. German manufacturing companies planning further production cutbacks. Expects GDP growth of 0.2 percent in the fourth quarter", Ifo said.
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