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ifo Business Climate Index falls
Sentiment in the German economy has suffered a setback. The ifo Business Climate Index fell to 91.7 points in May, after 93.4 points1 in April. This marks the first decline after six increases in a row. Driving this development are the significantly more pessimistic expectations. Managers are somewhat less satisfied with their current situation. German companies are skeptical about the upcoming summer. In manufacturing, the business climate was much worse, with expectations seeing a particularly steep decline. This was the largest decrease since March 2022 after the start of the war in Ukraine. The deterioration in ... (full story)