25 July 2012 14:35 [Source: ICIS news]
Munich-based Ifo said that its monthly business climate indicator for
“The euro crisis is having an increasingly negative impact on the German economy,” Ifo said.
The business climate in manufacturing deteriorated significantly as manufacturers assessed their current business situation much less favourably than in June, the group said.
Manufacturers’ capacity utilisation was lower in July and their business outlook expectations fell considerably. However, export expectations declined only slightly, Ifo said.
In the construction sector, the business climate indicator also fell in July. Construction firms surveyed were considerably more sceptical about future business developments, Ifo said.
Retailers, on the other hand, assessed both their current business situation and their six-month business outlook more favourably than in June. However, in wholesaling, the business climate continued to deteriorate in July, Ifo said.
In a separate statement on Wednesday, Ifo said that it estimates
The estimates include contributions Germany made to the financial rescue packages for Greece and the purchases of Greek bonds by Germany’s central bank, Ifo said. However, not included are write-offs and losses Germany’s banks and insurance firms would have to take, the group said.
($1 = €0.83)
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