TODAY • 12:49 PM
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Ifo business climate index in Germany rose significantly in February.
The Ifo business climate index rose to 92.4 points from 90.3 points in JanuaryAs the Munich economic research institute announced on Monday for its survey of 9,000 managers. Economists polled by Reuters had only expected a slight increase to 90.5 points after the barometer fell at the beginning of the year due to the second corona wave.
The German economy is robust despite the lockdown, mainly because of the strong industrial activity”said Ifo President Clemens Fuest. Managers judged the outlook for their businesses and their location to be more favorable than recently.
Due to the corona pandemic, the German economy had collapsed by five percent in 2020 as it had not been since the financial crisis and at the same time shrank for the first time in eleven years. Economists believe that the economy will again see a noticeable improvement in the current year, but this will depend heavily on the further course of the pandemic and the success of the vaccinations. For the current first quarter of 2021, some experts expect another damper for the German economy due to the current lockdown in gastronomy and retail.