GERMANY: Ifo Business Climate Index drops in May

“Companies were once again more satisfied with their current business situation, but expressed slightly less optimism about the months ahead,” the Ifo said.
In manufacturing the climate indicator fell slightly after six consecutive increases. This was due to somewhat less optimistic expectations, mainly with regard to exports. Assessments of the current business situation, by contrast, climbed to their highest level since May 2014.
In wholesaling the business climate indicator deteriorated slightly. Wholesalers assessed both their current business situation and their business expectations somewhat less positively. In retailing the business climate indicator reached its highest level since June 2014. Assessments of the current business situation improved considerably. The outlook for the months ahead also brightened.
The business climate in construction continued to improve. Contractors are slightly more satisfied with their current business situation, while their expectations remained unchanged.