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Ifo Survey Sees Indexes Stabilising

GERMAN DATA
MNI (London)

APR IFO BUSINESS CLIMATE 91.8 (FCST 89.0); MAR 90.8

APR IFO CURRENT ASSESSMENT 97.2 (FCST 95.9); MAR 97.1r (PREV 97.0)

APR IFO EXPECTATIONS 86.7 (FCST 83.5); MAR 84.9r (PREV 85.1)

  • The IFO survey saw small improvements across all three indicators in April, beating forecasts which all expected further declines of 1.6-1.8 points. The driver of these improvements was less severe pessimism.
  • The business climate index rose by one point, following the initial March shock of the onset of the Ukraine war.
  • Service sector business climate improved substantially, and manufacturing saw expectations improve, largely on the back of easing pandemic restrictions.
  • Trade expectations remain very pessimistic and the construction industry continues to be significantly hampered by material shortages.
  • Current assessment of the business climate increased by 1.2 points and expectations by 1.6 points following the record 13.3-point drop seen in March.

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