The barometer for business confidence fell from 92.5 to 90.7 points in November
Despite the prospect of vaccinations against the corona virus, the mood of companies in Germany is continuing to cloud over during the pandemic. The Ifo business climate index fell in November to 90.7 points from 92.5 points in the previous month and thus for the second time in a row, as the Munich institute announced. Economists polled by Reuters had, however, expected a stronger decline to 90.1 points.
“Business uncertainty has increased. The second corona wave interrupted the recovery of the German economy,” said Ifo President Clemens Fuest. The managers judged the outlook for their businesses to be much more pessimistic and their situation somewhat worse than recently.
The German economy had recovered in the summer after the corona-related slump in spring and had grown by 8.5 percent. According to economists, the economy is threatened with another setback due to the foreseeable extension of the partial lockdown. The German federal and state governments will probably decide on more far-reaching corona measures on Wednesday. At the same time, the German Health Minister Jens Spahn (CDU) assumes that the first German citizens will be able to be vaccinated against the corona virus in vaccination centers this year.
