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Workers on a construction site in Schwerin, Mecklenburg-Western Pomerania
Photo: Jens Büttner / dpa
The current mood is good, but the outlook is more skeptical: The mood of companies in Germany is brightening slightly despite the third corona wave in April.
The Ifo business climate index climbed from 96.6 points in March to 96.8 points.
This is the highest value since June 2019, as the Munich Ifo Institute announced.
It is also the third consecutive rise in the indicator, which is normally interpreted by economists as an economic turning point.
The managers surveyed assessed their situation as more favorable than before, but were more skeptical about the business outlook for the next six months.
"The third wave of infections and bottlenecks in preliminary products are dampening the recovery of the German economy," said Ifo President Clemens Fuest.
In the manufacturing industry, for example, thanks to high capacity utilization, the business climate is better than it has been since May 2018.
But 45 percent of the companies report bottlenecks in preliminary products.
That is the highest value since 1991.
According to the Ifo survey, material shortages were also a major issue in the construction industry.
The business climate indicator has fallen there.
In the service sector, the business climate indicator fell again somewhat.
»The service providers were a little less satisfied with their current situation.
The optimism that had recently emerged has also disappeared, «said Fuest.
While the logistics sector is benefiting from the upswing in industry, the corona restrictions are particularly affecting the hospitality and tourism sectors.
The business climate in retail has improved slightly.
According to the Ifo Institute, this was due to significantly better assessments of the current situation, especially among car dealers.
"With a view to the coming months, however, the pessimism increased noticeably," it said.
The mood in wholesale is better than in retail.
For its economic barometer, the Ifo Institute surveys 9,000 managers every month.
After a corona-related decline at the beginning of 2021, economists believe that the German economy will see noticeable growth in the current second quarter.
For the year as a whole, the leading research institutes are anticipating an increase in gross domestic product (GDP) of 3.7 percent.
mmq / dpa