Sentiment among companies in Germany has worsened. The ifo Business Climate Index fell
in December to 84.7 points, down from 85.6 points1 in November, the lowest level since May 2020. The decline was due inparticular to more pessimistic expectations. By contrast, companies assessed the current situation as better. The weakness of the German economy has become chronic.
In manufacturing, the index fell markedly. Companies were less satisfied with current business. Their expectations were also significantly gloomier. The order situation deteriorated again. Production cutbacks have been announced.
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