The business climate in Germany remains stable in November, but the outlook for companies deteriorated slightly. The index of the Munich Institute for Economic Research (Ifo) remained unchanged at 110.4 points in November, but remained below the analysts forecasts, who had expected a slight increase in value to 110.5 points. The sub-index for the assessment of the current situation rose from 115.1 to 115.6 points, above expectations for a value of 115.0 points.
The indicator for business expectations, which is a key attitudes of companies over the next six months decreased from 105.9 to 105.15 points in November, while the expectations were for level of 106.0 points.
“The confidence in the German economy continues to be high. The economic upswing in Germany remains intact and the economy seems to remain unperturbed by the choice of Donald Trump for president of the United States”, said the president of the institute Ifo, Clemens Fustel.
Increases in economic expectations and their propensity to buy helped offset a slight decrease in their income expectations. Germany, Europe’s largest economy, enjoys moderate growth and low unemployment. As one of the world’s largest exporters, however, there is growing angst about what the British decision to leave the European Union and Trump’s election might mean for trade.
At the moment, economists say the depreciation of the euro following both developments has likely helped exports, if anything.
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