Ifo: German business climate worsens in November
The Business Climate Index for Germany stood at 96.5 in November, decreasing by 1.2 points from the previous month, according to a report by the Munich-based Institute for Economic Research (Ifo) published on Wednesday.
The current assessment index fell to 99 from 100.1 recorded in October, while the business expectations index declined to 94.2 in November from 97.7 a month earlier.
“Supply bottlenecks in intermediate products and raw materials still have a grip on the manufacturing sector and a majority of companies plan to raise prices,” Ifo Institute president Clemens Fuest stated. “Sentiment in the service sector deteriorated noticeably. Skepticism grew substantially, especially as regards expectations,” he added.
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