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The mood in the German economy has received a significant setback. The ifo Business Climate Index fell from 93.4 points in April down to 91.7 points in May. This is the first decline after six consecutive increases. The driving force behind this development was significantly more pessimistic expectations. The companies were also slightly less satisfied with their ongoing business operations. The German economy looks at the summer with skepticism.
In the manufacturing sector, the business climate has significantly deteriorated, especially with a sharp decline in expectations. The most recent major decline occurred in March 2022 following the start of the war in Ukraine. The deterioration in expectations is evident across almost all industries, and the assessment of the current situation has also worsened. There has been a decrease in new orders.
In the se...