German Ifo Business Sentiment Falls More Than Forecast
22 Febbraio 2018 - 8:44AM
RTTF2
Germany's business confidence weakened notably in February as
near term outlook of firms deteriorated on political uncertainty
and market turmoil, survey data from the Munich-based Ifo Institute
showed Thursday.
The business sentiment index fell more-than-expected to 115.4
from 117.6 in January. The score was expected to ease to 117 in
February. A similar lower reading was last seen in September
2017.
Ifo President Clemens Fuest said companies were less satisfied
with their current business situation, but the indicator was at its
second highest level since 1991. The score signaled economic growth
of 0.7 percent in the first quarter.
After the euphoria of recent months, companies' assessments of
the business outlook for the months ahead were also far less
optimistic, Fuest added.
The current conditions index dropped to 126.3 in February from
127.8 a month ago. This was also below the forecast of 127.
Similarly, the expectations index came in at 105.4 compared to
108.3 seen in January and the expected reading of 107.9.
Data showed that business climate deteriorated across all
sectors, namely manufacturing, wholesaling and retailing, and
construction.
The Ifo index illustrates that the latest market turmoil, the
political impasse in Berlin and new fears of a protectionist wave
coming from the US as well as the US tax changes are leaving the
first marks on business optimism, Carsten Brzeski, an ING-diba
economist, said.
Nonetheless, the economist said the German economy still has
some upward potential and is not on the verge of overheating.
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