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OVERALL ROUNDUP: Ifo index falls for the fifth time in a row – DIHK is sounding the alarm

Wednesday, 11/24/2021 11:30 AM from

dpa-AFX

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MUNICH / BERLIN (dpa-AFX) – The mood in the German economy deteriorated again in November. The Ifo business climate, Germany’s most important economic barometer, fell compared to the previous month by 1.2 points to 96.5 points, as the Ifo Institute announced in Munich on Wednesday. It is the fifth decline in a row. Analysts had expected a somewhat more moderate decline on average. Economists interpreted the results as a sign of economic stagnation, in the worst case even contraction.

The German Chamber of Commerce and Industry is also sounding the alarm because of the aggravated Corona situation. DIHK President Peter Adrian told the German Press Agency: “Highs on the stock markets must not hide the fact that large parts of the German economy are already doing pretty badly again.” Many self-employed, small businesses and medium-sized companies are currently experiencing a breakdown rather than a departure for their own business.

“Delivery bottlenecks and the fourth corona wave are causing problems for companies,” commented Ifo President Clemens Fuest. The companies surveyed assessed both the current situation and the future prospects as less favorable than in the previous month. The business climate clouded over in all economic sectors considered.

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