Economy: For the fifth time in a row: Ifo business climate falls in November
Berlin The mood of top managers in Germany clouded over for the fifth month in a row in November. The Ifo business climate index fell to 96.5 points from 97.7 points in October, as the Munich Ifo Institute announced on Wednesday for its survey of around 9,000 executives. Experts polled by Reuters had only expected a drop to 96.6 points.
“Delivery bottlenecks and the fourth corona wave are causing problems for companies,” said Ifo President Clemens Fuest. The bosses assessed the situation of their companies more skeptically than before and were also less optimistic about the future.
For the current quarter, economists expect a slower economic recovery and some experts even expect the economy to shrink, while the Bundesbank is largely expecting stagnation. Delivery bottlenecks, increasing corona infections and higher energy prices are seen as the main brake on the economy.
More: The EU is losing the support of the German economy. A comment.
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