23 May 2014
Germany: IFO – Business Climate down to 110.4 in May, below expectations
According to data published on Friday by the CESifo Group, German IFO – Business Climate decreased from 111.2 in April to 110.4 in May. Market consensus pointed to a 110.9 result.
IFO – Current Assessment slid to 114.8, versus 115.3 the previous month, against forecasts of rising to 115.5. IFO – Expectations dropped to 106.2 from 107.3 and against expectations of a decrease to 106.6.
Carsten Brzeski from ING comments: “Today’s drop combined with the earlier drop in the ZEW index and the PMI manufacturing confirms our view of an upcoming slowing of the economy.”
IFO – Current Assessment slid to 114.8, versus 115.3 the previous month, against forecasts of rising to 115.5. IFO – Expectations dropped to 106.2 from 107.3 and against expectations of a decrease to 106.6.
Carsten Brzeski from ING comments: “Today’s drop combined with the earlier drop in the ZEW index and the PMI manufacturing confirms our view of an upcoming slowing of the economy.”