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ROUNDUP: Ifo business climate falls for the fifth time in a row

Wednesday, 11/24/2021 10:59 AM from

dpa-AFX

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MUNICH (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.

“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.

In contrast to the strongly export-oriented German economy, French companies are more confident. The business climate brightened in November according to figures from Wednesday and is both above the level recorded before the Corona crisis and above its long-term average. The delivery problems and the high purchase prices apparently burdened the German economy more than the French, commented economist Ralf Umlauf from the Landesbank Hessen-Thüringen.

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