German business confidence drops in May, manufacturing hit – surveys

24 May 2012 19:22  [Source: ICIS news]

LONDON (ICIS)--Germany’s business confidence fell in May and prospects in the country’s manufacturing industries worsened, according to two widely-followed economic indicators released on Thursday.

Research group Ifo said that its monthly business climate indicator for Europe’s largest economy fell by three points to 106.9 in May, from 109.9 in April.

“The recent surge in uncertainty in the eurozone is impacting the German economy,” said Ifo president Hans-Werner Sinn.

Meanwhile, economics research group Markit said that preliminary data for its monthly purchasing managers index (PMI) in Germany showed a sharp decline in manufacturing in May.

“May’s drop in manufacturing production was the steepest in nearly three years, and the current period of falling new orders now almost matches the length, though not the depth, of the contraction in 2008/2009,” Markit senior economist Tim Moore said.

Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog

By: Stefan Baumgarten
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