Cautious outlook for German manufacturing and wholesale sector
The monthly ifo business climate index for the German industry has declined gradually in December, with the optimism among manufacturing and wholesale firms fading.
The index for the current climate declined only marginally from 117.6 to 117.2 basis points (bsp) month on month with firms remaining constructive on the current economic climate. At the same time, most firms were cautious with regards to the six month economic outlook, where the index dropped from 111 basis points to 109 basis points.
This trend was particularly tangible for the wholesale sector where the business climate index declined from 25 to 22.5 bsp month on month and the manufacturing sector, where the index dropped from 33.1 to 31.7 bsp month on month.
The monthly index is compiled by the ifo Instiute based approximately 7000 reports from firms across Germany.
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