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GERMAN DATA: IFO Uptick Driven By Current Assessment & Services

GERMAN DATA
Data BulletEurozoneGermanyCEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets

Germany's IFO Business Climate Index rose slightly to 85.1 in January, stabilizing on a low level (84.7 prior) and barely surpassing expectations of 84.8. The print mirrors Friday's flash PMI release overall with a stronger composite reading - however, the IFO index sees a continued deterioration in the business climate of manufacturing firms. Overall, the print suggests the ongoing slump in German economic conditions is not to subside anytime soon.

  • The current assessment at 86.1 (vs 85.4 cons; 85.1 prior) was responsible for the higher overall reading, while expectations at 84.2 (vs 85.0 cons; 84.4 prior) remained weak.
  • Across sectors, manufacturing firms reported increased scepticism and new orders continued to decline. Services did however see a solid rise in business climate as both expectations and the current assessment increased, with IT services seeing a particularly notable uptick. Trade meanwhile saw some broadly unchanged conditions whilst the construction sector saw a slight decrease in its overall climate on the back of lower expectations.
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Germany's IFO Business Climate Index rose slightly to 85.1 in January, stabilizing on a low level (84.7 prior) and barely surpassing expectations of 84.8. The print mirrors Friday's flash PMI release overall with a stronger composite reading - however, the IFO index sees a continued deterioration in the business climate of manufacturing firms. Overall, the print suggests the ongoing slump in German economic conditions is not to subside anytime soon.

  • The current assessment at 86.1 (vs 85.4 cons; 85.1 prior) was responsible for the higher overall reading, while expectations at 84.2 (vs 85.0 cons; 84.4 prior) remained weak.
  • Across sectors, manufacturing firms reported increased scepticism and new orders continued to decline. Services did however see a solid rise in business climate as both expectations and the current assessment increased, with IT services seeing a particularly notable uptick. Trade meanwhile saw some broadly unchanged conditions whilst the construction sector saw a slight decrease in its overall climate on the back of lower expectations.
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