Germany: Business confidence continues to improve in November
November 22, 2013
The business confidence indicator published by the Ifo Institute increased in November and now sits at the highest level since April 2012. The indicator came in at 109.3 points, which was up from the 107.4 points recorded in October and beat market expectations of a reading of 107.7 points. The print came after the drop registered in October, which had interrupted five consecutive months of increase.
The November survey showed an across-the-board improvement. The Ifo reported that the manufacturing climate improved considerably, as businesses, "expect stronger impulses from exports." The largest improvement was registered in businesses expectations, which reached the highest level since May 2011. Businesses assessment of their current situations improved to the highest level since June 2012.
FocusEconomics Consensus Forecast panelists expect gross fixed investment to increase 0.7% in 2013, which is up 0.3 percentage points from last month's forecast. Next year, the panel sees investment growth accelerating to 3.7%, which is up 0.1 percentage points over the previous month's projection.
Author: Ricardo Aceves, Senior Economist