Germany Ifo Business Climate dropped to 74.3 in April, down from 85.9, missed expectation of 79.8. That’s the lowest level on record, and the steepest monthly decline. Current Assessment index dropped to 79.5, down form 92.9, missed expectation of 81.0. Expectations index dropped to 69.4, down form 79.5, missed expectation of 75.0.
Manufacturing dropped from -18.7 to -44.4, lowest since March 2009. Services dropped from -7.6 to -34.2, a record low. Trade dropped from -21.0 to -48. Construction dropped from 5.0 to -17.6.
Clemens Fuest, President of the ifo Institute, said, “companies have never been so pessimistic about the coming months. The coronavirus crisis is striking the German economy with full fury.”
