Germany's Ifo Index Increased Slightly in February
February 24 2020 - 3:50AM
Dow Jones News
By Maria Martinez
German business sentiment unexpectedly improved in February, the
Ifo Institute said Monday, although analysts had forecast a slight
decline driven by coronavirus fears.
The Ifo business-climate index came in at 96.1 points in
February, rising from an upwardly revised 96.0 in January, the
institute said. Economists surveyed by The Wall Street Journal had
forecast it at 95.3 points.
"The German economy seems unaffected by developments surrounding
the coronavirus," Ifo's President Clemens Fuest said.
However, the assessment of the current situation fell to 98.9
points from an upwardly revised 99.2 in January, while expectations
rose to 93.4 points in February from 92.9 points in January, the
institute said. Economists polled by The Wall Street Journal
forecast figures of 99.1 and 92.1 points, respectively.
The closely watched manufacturing sector rose for the third
consecutive month, driven by less pessimistic expectations, the
institute said.
In the services sector, the indicator fell again in February as
service providers felt less satisfied with their current situation,
Ifo said.
The survey results and other indicators suggest German economic
growth in the first quarter will amount to 0.2%, Ifo said.
The index is based on a poll of about 9,000 companies in
manufacturing, services, trade and construction.
Write to Maria Martinez at maria.martinez@wsj.com
(END) Dow Jones Newswires
February 24, 2020 04:35 ET (09:35 GMT)
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