German business sentiment stagnates in May, Ifo says

By Thomson Reuters May 27, 2024 | 3:15 AM

BERLIN (Reuters) – German business morale stagnated in May, a survey showed on Monday, falling short of a forecast improvement.

The Ifo institute said its business climate index remained constant in May at 89.3, compared with a reading of 90.4 forecast by analysts in a Reuters poll.

Companies were less satisfied with the current business situation. Expectations, on the other hand, brightened.

Industry, trade and construction are recovering, while service providers are suffering a setback, the Ifo institute said.

“The German economy is gradually working its way out of the crisis,” the report said.

(Reporting by Rachel More and Maria Martinez)