Germany March business confidence dips after four monthly rises - Ifo

22 March 2013 16:07  [Source: ICIS news]

LONDON (ICIS)--Germany’s business confidence fell slightly in March as companies have become less optimistic about their business prospects than in February, an economics research group said on Friday.

Munich-based Ifo institute said that its monthly business climate index for Europe’s largest economy fell to 106.7 points in March, from 107.4 in February.

March’s decline came after four consecutive monthly increases. The Ifo index is based on survey responses from about 7,000 firms in Germany’s manufacturing, construction, wholesale and retail sectors.

“The German economy remains on track in a challenging environment thanks to strong domestic demand,” Ifo president Hans-Werner Sinn said, commenting on the March survey.

In manufacturing, the business climate indicator fell. Manufacturers assessed both their current business situation and future business prospects less optimistically than in February, Ifo said. 

Manufacturers’ export expectations sank clearly, but remain positive, it added.

In wholesaling, the business climate deteriorated considerably, following a sharp improvement last month.

In retailing, on the other hand, the business climate index rose slightly. Retailers were somewhat more satisfied than previously with their current business situation and less pessimistic about their business outlook, Ifo said.

In construction, the business climate index rose to its highest level since German reunification in 1990, as building and construction firms expressed far greater satisfaction with their current business situation than in February, the institute said.

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

By: Stefan Baumgarten
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