Germany Ifo Business Climate dropped to 100.8 pts in July, down slightly from 101.7, below expectation of 102.1. Current Assessment index rose to 100.4, up from 99.7. Expectations index dropped to 101.2, down from 103.7.
Looking at some details, manufacturing index dropped from 28.5 to 27.4. Services dropped from 28.5 to 27.4. Trade dropped from 17.8 to 15.8. Construction rose from 4.2 to 5.7.
Ifo said: “Companies evaluated their current business situations as somewhat better, but their expectations for the coming months were significantly less optimistic. Supply bottlenecks and concerns over newly rising infection numbers are weighing on the German economy.”
