24 April 2013 13:40 [Source: ICIS news]
LONDON (ICIS)--Germany’s business confidence declined for a second month in a row in April as companies have become more cautious about their prospects, an economics research group said on Wednesday.
Munich-based Ifo said that its monthly business climate index for Germany fell to 104.4 in April, from 106.7 in March. The index is based on a survey of some 7,000 companies.
Ifo said that while the majority of companies assessed their current business situation as “good”, they were far more cautious than last month. Their expectations for future business developments were also lower.
“The German economy is taking a breather,” Ifo said.
In manufacturing, the business climate indicator fell significantly as manufacturers were less satisfied with their current business situation than last month.
Manufacturers’ business outlook expectations clouded over once again as capacity utilisation rates edged downwards. However, their export expectations rose after last month’s decrease, Ifo said.
In wholesaling, firms expressed far greater pessimism about both their current business situation and their business outlook than last month.
In retailing, on the other hand, the business climate index edged down only slightly.
In building and construction, the business climate index also fell.
Construction companies assessed their current business situation slightly less positively than last month, and they also lowered their expectations about future business developments, Ifo said.
Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog
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