Shopping mile in Neuss: poor prospects
Michael Gstettenbauer / imago images / Michael Gstettenbauer
The mood in the German economy deteriorated again in September.
The Ifo business climate, Germany's most important economic barometer, fell compared to the previous month by 0.8 points to 98.8 points, as the Munich Ifo Institute announced.
It is the third decline in a row, which experts usually interpret as an economic turning point.
Analysts had expected a slightly smaller decline to 99.0 points.
The problems in the procurement of raw materials and intermediate products slowed the German economy, explained Ifo President Clemens Fuest. "The industry is experiencing a bottleneck recession," said the economist, referring to the delivery bottlenecks, which are largely a consequence of the corona pandemic. The companies surveyed assessed both their current business situation and future prospects as less favorable.
In September, the mood was mainly affected by industry. The business climate there deteriorated significantly. The order books are still well filled, but new orders have flattened out, explained the Ifo Institute. In contrast, the business climate among service providers has brightened. Some confidence has returned in the hospitality and tourism sectors. The mood also improved in the building sector, but remained almost unchanged in the retail sector.
Bank economists were not very optimistic about the figures.
The fourth quarter is likely to be difficult, said economist Jens-Oliver Niklasch from Landesbank Baden-Württemberg.
In his view, the delivery bottlenecks could even replace Corona as the main risk, although the Corona pandemic is by no means over.
"All in all, rather unpleasant news from Munich."
mic / dpa-afx