Germany Ifo Business Climate rose from 91.9 to 93.0 in May, above expectation of 91.4. Current Assessment index rose from 97.3 to 99.5, above expectation of 97.2. Expectations Index ticked up from 86.8 to 86.9, above expectation of 85.8.
By sector, manufacturing rose from -0.7 to 2.8. Service rose from 5.5 to 8.1. Trade rose from -13.2 to -10.8. Construction rose from -20.0 to -13.4.
Ifo said: “The German economy has proven itself resilient in the face of inflation concerns, material bottlenecks, and the war in Ukraine. There are currently no observable signs of a recession.”