Germany business climate improves in November after six declines

23 November 2012 15:08  [Source: ICIS news]

LONDON (ICIS)--Germany’s business climate improved slightly in November after six monthly declines in a row, a research group said on Friday.

Munich-based Ifo institute said that its business climate indicator for Europe’s largest economy rose to 101.4 points in November, from 100.0 in October. The index is based on a survey of about 7,000 companies in manufacturing, construction, wholesaling and retailing.

Ifo said that companies expressed slightly greater satisfaction with their current business situation.

Also, companies across all the sectors - manufacturing, construction, wholesaling and retailing – were less pessimistic about their outlook for the next six months than in October, Ifo said.

Manufacturers’ export expectations were positive for the first time in three months, it added.

“The German economy is holding up in the face of the euro crisis,” said Ifo president Hans-Werner Sinn.

In related news, a survey of German purchasing managers this week showed that the decline in the country's manufacturing sector seems to have eased.

However, financial market analysts said in a recent survey that they expect Germany’s economy to deteriorate over the coming six months, rather than to improve.

Additional reporting by Tom Brown

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

By: Stefan Baumgarten
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