Ukraine war
Business climate index plummets
The mood in the German economy has collapsed, according to the ifo Institute. The business climate index plummeted to 90.8 points in March, after 98.5 points (seasonally adjusted) in February. Companies rate the business outlook as uncertain.
This was due to a historic slump in expectations of 13.3 points, which exceeded the decline at the outbreak of the coronavirus crisis in March 2020 (11.8 points). Companies also assessed their current situation as worse. However, the decline was comparatively moderate (1.6 points), according to the institute. Companies in Germany were expecting tough times ahead.
The press release continues: "In the manufacturing sector, the index has fallen more sharply than ever before. This also applies to companies' expectations. These turned from optimism to clear pessimism. In addition, companies now rate their business outlook as extremely uncertain. Assessments of the current situation have also deteriorated.
The business climate also deteriorated noticeably in the services sector. This was due to a significant decline in expectations. The logistics sector in particular is looking to the coming months with great concern. In contrast, companies assessed their current situation as virtually unchanged.
In the retail sector, the business climate indicator collapsed. The expectations indicator plummeted more than ever before. Assessments of the current situation, on the other hand, remained almost unchanged at a good level.
In the construction industry, the business climate deteriorated significantly. This was also driven by significantly more pessimistic expectations. Assessments of the current situation deteriorated. However, the majority of construction companies are still satisfied with current business."
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