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IFO – Business Climate

This German business sentiment index released by the CESifo Group is closely watched as an early indicator of current conditions and business expectations in Germany. The Institute surveys more than 7,000 enterprises on their assessment of the business situation and their short-term planning. The positive economic growth anticipates bullish movements for the EUR, while a low reading is seen as negative (or bearish).

Most recent - Friday 25 August 2023 08:00

Previous
87.3
Revised
87.4
Forecast
86.7
Actual
85.7

Lower numbers than forecast tend to be bullish for xxx/EUR pairs and bearish for EUR/xxx pairs.

Next event - Monday 25 September 2023 08:00

Previous
85.7
Forecast
85.2
Actual
-

The typical/expected impact on EUR pairs is medium.

The consensus forecast for IFO – Business Climate is 85.2. A higher value than forecast tends to be bullish for EUR/xxx pairs and bearish for xxx/EUR pairs.

Trading range

Forecast history

The most recent announced value for IFO – Business Climate was 85.7 against a forecast of 86.7.

Past events

Date
Forecast
Actual
Friday 25 August 2023 08:00
86.7
85.7
Tuesday 25 July 2023 08:00
88
87.3
Monday 26 June 2023 08:00
90.7
88.5
Wednesday 24 May 2023 08:00
93
91.7
Monday 24 April 2023 08:00
94
93.6
Monday 27 March 2023 08:00
90.9
93.3
Wednesday 22 February 2023 09:00
91.4
91.1
Wednesday 25 January 2023 09:00
90.2
90.2
Monday 19 December 2022 09:00
87.2
88.6
Thursday 24 November 2022 09:00
85
86.3
Tuesday 25 October 2022 08:00
83.3
84.3
Monday 26 September 2022 08:00
87.1
84.3
Thursday 25 August 2022 08:00
86.8
88.5
Monday 25 July 2022 08:00
90.5
88.6
Friday 24 June 2022 08:00
92.9
92.3
Monday 23 May 2022 08:00
91.4
93
Monday 25 April 2022 08:00
89.1
91.8
Friday 25 March 2022 09:00
94.2
90.8
Tuesday 22 February 2022 09:00
96.5
98.9
Tuesday 25 January 2022 09:00
94.7
95.7
Friday 17 December 2021 09:00
95.3
94.7
Wednesday 24 November 2021 09:00
96.6
96.5
Monday 25 October 2021 08:00
97.9
97.7
Friday 24 September 2021 08:00
100.4
98.8
Wednesday 25 August 2021 08:00
100.4
99.4
Monday 26 July 2021 08:00
102.1
100.8
Thursday 24 June 2021 08:00
100.6
101.8
Tuesday 25 May 2021 08:00
98.2
99.2
Monday 26 April 2021 08:00
97.8
96.8
Friday 26 March 2021 09:00
93.2
96.6
Monday 22 February 2021 09:00
90.5
92.4
Monday 25 January 2021 09:00
91.8
90.1
Friday 18 December 2020 09:00
90
92.1
Tuesday 24 November 2020 09:00
90.7
90.7
Monday 26 October 2020 09:00
93
92.7
Thursday 24 September 2020 08:00
93.8
93.4

Economic context

Recent economic data has been broadly neutral for EUR. Other recent announcements which may affect the market's interpretation of the next IFO – Business Climate result:

PreviousLatest
HCOB Composite PMIBullish change46.747.1
HCOB Manufacturing PMIBearish change43.543.4
HCOB Services PMIBullish change47.948.4
HCOB Composite PMIBullish change44.646.2
HCOB Manufacturing PMIBullish change39.139.8
HCOB Services PMIBullish change47.349.8
HCOB Composite PMIBearish change4643.5
HCOB Manufacturing PMIBearish change4643.6
HCOB Services PMIBearish change4643.9
Gross Domestic Product (QoQ)Bullish change0.4%0.5%
Consumer ConfidenceBearish change-16-17.8
Producer Price Index (MoM)Bullish change-1.1%0.3%
Producer Price Index (YoY)Bearish change-6%-12.6%
Core Harmonized Index of Consumer Prices (MoM)(no change)0.3%0.3%
Core Harmonized Index of Consumer Prices (YoY)(no change)5.3%5.3%
Harmonized Index of Consumer Prices (MoM)Bearish change0.6%0.5%
Consumer Price Index (EU Norm) (YoY)(no change)5.5%5.5%
Consumer Price Index (YoY)Bearish change5.5%5.4%
Consumer Price Index (EU norm) (YoY)(no change)5.7%5.7%
Industrial Production s.a. (MoM)Bearish change0.4%-1.1%
ZEW Survey – Economic SentimentBearish change-5.5-8.9
ZEW Survey – Current SituationBearish change-71.3-79.4
ZEW Survey – Economic SentimentBullish change-12.3-11.4
Harmonized Index of Consumer Prices (YoY)(no change)2.4%2.4%

About IFO – Business Climate

Country:Germany
Currency:EUR
Source:IFO Institute
Category:Economic Activity
Frequency:Monthly

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