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News : EU Economy Last Updated: May 24, 2011 - 5:16 PM

German business confidence remained unchanged in May at a high level
By Finfacts Team
May 24, 2011 - 11:05 AM

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German business confidence remained unchanged in May at a high level as the robust economy recovery continued.

The Ifo institute at the University of Munich said its business climate index, based on a survey of 7,000 executives, held at 114.2 from April.

Ifo said the previously good business situation has again been given a better assessment. The six-month business outlook is once more somewhat dampened but remains positive. The business cycle traffic lights still signal “green”.

In manufacturing the business climate index has fallen slightly for the third time in succession. As in the previous month, the decline is the result of the firms’ somewhat less optimistic business expectations. The industrial firms still assess the current business situation as very good. They also continue to see great opportunities from export business. Firms plan to clearly increase staff levels although not at the pace of the past month.

In retailing the business climate index has risen markedly. The business situation of the retailers has clearly improved. With regard to business in the coming half year, the firms are more confident than in the previous month. In contrast, the business situation in wholesaling has again clouded somewhat. The wholesalers have assessed their business situation as no longer as favourable as before. Their business expectations, however, are slightly more positive than in April.

In the construction sector, the business climate is largely unchanged. The firms have assessed both their current business as well as the business outlook just as favourably as in April.

Ifo Business Climate Indicator in the Service Sector Falls Slightly

The Ifo Business Climate in the German service sector clouded somewhat in May. The service providers have assessed both their current business situation as well as the business outlook somewhat less positively in comparison to April. Most firms, however, plan to maintain their expansive personnel policies.

The Ifo Business Survey in the Services is based on ca. 2.500 monthly survey responses of firms in important. especially business-oriented segments of the tertiary sector (excl. distribution. financial services. leasing. insurance and government).

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