IFO – Business Climate

This German business sentiment index released by the CESifo Group is closely watched as an early indicator of current conditions and business expectations in Germany. The Institute surveys more than 7,000 enterprises on their assessment of the business situation and their short-term planning. The positive economic growth anticipates bullish movements for the EUR, while a low reading is seen as negative (or bearish).

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Most recent - Monday 24 February 2025 09:00

85.2

Revised

85.2

Forecast

85.8

Actual

85.2

Lower numbers than forecast tend to be bullish for xxx/EUR pairs and bearish for EUR/xxx pairs.

Next event - Monday 24 March 2025 09:00

Forecast

Actual

The typical/expected impact on EUR pairs is medium.

There is no forecast value for IFO – Business Climate yet - check back for updates.

Trading range

Forecast history

The most recent announced value for IFO – Business Climate was 85.2 against a forecast of 85.8.

Past events

Date

Forecast

Actual

Monday 24 February 2025 09:00

85.8

85.2

Monday 27 January 2025 09:00

84.6

85.1

Tuesday 17 December 2024 09:00

85.6

84.7

Monday 25 November 2024 09:00

85.7

Friday 25 October 2024 08:00

85.6

86.5

Tuesday 24 September 2024 08:00

85.4

Monday 26 August 2024 08:00

86.5

86.6

Thursday 25 July 2024 08:00

88.9

Monday 24 June 2024 08:00

89.7

88.6

Monday 27 May 2024 08:00

90.3

89.3

Wednesday 24 April 2024 08:00

88.9

89.4

Friday 22 March 2024 09:00

87.8

Friday 23 February 2024 09:00

85.5

Thursday 25 January 2024 09:00

86.7

85.2

Monday 18 December 2023 09:00

87.8

86.4

Friday 24 November 2023 09:00

87.5

87.3

Wednesday 25 October 2023 08:00

85.9

86.9

Monday 25 September 2023 08:00

85.2

85.7

Friday 25 August 2023 08:00

86.7

85.7

Tuesday 25 July 2023 08:00

87.3

Monday 26 June 2023 08:00

90.7

88.5

Wednesday 24 May 2023 08:00

91.7

Monday 24 April 2023 08:00

93.6

Monday 27 March 2023 08:00

90.9

93.3

Wednesday 22 February 2023 09:00

91.4

91.1

Wednesday 25 January 2023 09:00

90.2

Monday 19 December 2022 09:00

87.2

88.6

Thursday 24 November 2022 09:00

86.3

Tuesday 25 October 2022 08:00

83.3

84.3

Monday 26 September 2022 08:00

87.1

84.3

Thursday 25 August 2022 08:00

86.8

88.5

Monday 25 July 2022 08:00

90.5

88.6

Friday 24 June 2022 08:00

92.9

92.3

Monday 23 May 2022 08:00

91.4

Monday 25 April 2022 08:00

89.1

91.8

Friday 25 March 2022 09:00

94.2

90.8

Economic context

Recent economic data has been moderately bullish for EUR. Other recent announcements which may affect the market's interpretation of the next IFO – Business Climate result:

		Previous	Latest
Sentix Investor Confidence	Bullish change	-12.7	-2.9
Industrial Production n.s.a. w.d.a. (YoY)	Bullish change	-2.2%	-1.6%
Industrial Production s.a. (MoM)	Bullish change	-1.5%	2%
Trade Balance s.a.	Bearish change	€20.7B	€16B
Employment Change (QoQ)	(no change)	0.1%	0.1%
Gross Domestic Product s.a. (QoQ)	Bullish change	0.1%	0.2%
Gross Domestic Product s.a. (YoY)	Bullish change	0.9%	1.2%
Factory Orders n.s.a. (YoY)	Bullish change	-6.9%	-2.6%
Factory Orders s.a. (MoM)	Bearish change	5.9%	-7%
Retail Sales (MoM)	Bearish change	0%	-0.3%
Retail Sales (YoY)	Bearish change	1.9%	1.5%
Producer Price Index (MoM)	Bullish change	0.5%	0.8%
Producer Price Index (YoY)	Bullish change	0.1%	1.8%
Gross Domestic Product (QoQ)	Bullish change	0%	0.1%
Gross Domestic Product (YoY)	Bullish change	0.5%	0.6%
HCOB Composite PMI	(no change)	50.2	50.2
HCOB Composite PMI	Bearish change	51	50.4
HCOB Services PMI	Bearish change	52.2	51.1
HCOB Services PMI	Bullish change	54.9	56.2
Unemployment Rate	(no change)	6.2%	6.2%
Core Harmonized Index of Consumer Prices (MoM)	Bullish change	-0.9%	0.6%
Core Harmonized Index of Consumer Prices (YoY)	Bearish change	2.7%	2.6%
Harmonized Index of Consumer Prices (MoM)	Bullish change	-0.3%	0.5%
Harmonized Index of Consumer Prices (YoY)	Bearish change	2.5%	2.4%
HCOB Manufacturing PMI	Bullish change	46.1	46.5
HCOB Manufacturing PMI	Bullish change	46.3	47.4
HCOB Manufacturing PMI	Bearish change	50.9	49.7
Consumer Price Index (MoM)	Bullish change	-0.2%	0.4%
Consumer Price Index (YoY)	(no change)	2.3%	2.3%
Harmonized Index of Consumer Prices (MoM)	Bullish change	-0.2%	0.6%
Harmonized Index of Consumer Prices (YoY)	(no change)	2.8%	2.8%
Consumer Price Index (EU Norm) (YoY)	(no change)	1.7%	1.7%
Consumer Price Index (YoY)	Bullish change	1.5%	1.7%
Unemployment Change	Bullish change	11K	5K
Unemployment Rate s.a.	(no change)	6.2%	6.2%
Consumer Price Index (EU norm) (YoY)	Bearish change	1.8%	0.9%
Retail Sales (MoM)	Bullish change	-1.6%	0.2%
Retail Sales (YoY)	Bullish change	1.8%	2.9%
Business Climate	Bullish change	-0.92	-0.74
Consumer Confidence	(no change)	-13.6	-13.6
Economic Sentiment Indicator	Bullish change	95.3	96.3
Harmonized Index of Consumer Prices (YoY)	(no change)	2.9%	2.9%
GfK Consumer Confidence Survey	Bearish change	-22.4	-24.7

About IFO – Business Climate

Country:	Germany
Currency:	EUR
Source:	IFO Institute
Category:	Economic Activity
Frequency:	Monthly

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	Germany		IFO – Expectations
	Germany		ZEW Survey – Current Situation
	Germany		Industrial Production n.s.a. w.d.a. (YoY)
	Germany		Gross Domestic Product w.d.a (YoY)
	Germany		Gross Domestic Product (YoY)
	Germany		Factory Orders s.a. (MoM)
	Germany		Industrial Production s.a. (MoM)
	Eurozone		Sentix Investor Confidence
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	Eurozone		Economic Sentiment Indicator
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	Eurozone		Business Climate
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	Spain		S&P Global Manufacturing PMI
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	France		S&P Global Manufacturing PMI
	France		S&P Global Composite PMI
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Calendar - IFO – Business Climate - Germany

IFO – Business Climate

Most recent - Monday 24 February 2025 09:00

Next event - Monday 24 March 2025 09:00

Trading range

Trading range after each IFO – Business Climate event

Forecast history

Past events

Economic context

About IFO – Business Climate

Related events