Germany: Business confidence drops again in May
Business confidence feel further in May to 97.9 from 99.2 in April, representing the lowest reading since November 2014. The drop came on the back of deteriorating outlooks on the current business situation as the views on business expectations was unchanged.
Firms in the services sector scaled back their assessment of the current business climate and their business expectations. In fact, the current business situation outlook among services providers fell to its lowest level since April 2013. A slightly different development was registered among manufacturing firms, who regarded the current business situation as less positively while their outlook on business expectations rose for the first time since September last year. Firms in the trade sector recorded the same development. In the construction sector, however, both the current and expected business climate outlook improved as the boom in the sector continues.