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Financial News: German Ifo Business Morale Rises Slightly

German Ifo Business Morale Rises Slightly

02/23/2024 - 06:48:00 (RTTNews)

(RTTNews) - Sentiment among German companies rose moderately in February due to less pessimism regarding the outlook signaling that the economy is stabilizing at a low level, survey data from the ifo Institute showed Friday.

The ifo business climate index rose to 85.5 from 85.2 in January. Economists had forecast a score of 85.5.

"The German economy is stabilizing at a low level," ifo Institute President Clemens Fuest said.

The current assessment index was unchanged at 86.9, while it was expected to fall to 86.7.

The expectations measure climbed back to its December reading of 84.1 from 83.5 in the previous month. Economists had forecast a score of 84.0.

In manufacturing, business sentiment deteriorated in February. Assessments of the current situation hit the lowest since September 2020 and expectations were as pessimistic as they were in the previous month. Companies resorted to further production cuts.

By contrast, the business climate in services improved. Service providers were more satisfied with their current business situation, while expectations remained pessimistic. However, development of the order situation is weak.

In trade, business climate dropped further. Although companies were less satisfied with their current business situation, their expectations improved slightly. They were still deeply skeptical of how business will develop in the coming months.

In construction, business confidence rose marginally, although it remained at a low level. The improvement was due to somewhat better assessments of the current situation. However, expectations declined to their lowest level since 1991.

The statistical office today confirmed that the largest euro area <a href=https://www.rttnews.com/3426934/german-economy-shrinks-on-weak-investment.aspx?type=gleco target=_blank >economy</a> contracted 0.3 percent in the fourth quarter after stagnating the third quarter. Early this month, the Bundesbank said in its monthly report that the German economy likely entered a recession in the first quarter but the trend will not be long-lasting.

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