German IFO Business Climate dips to 94.7 in December vs. 95.3 expected


  • German IFO Business Climate Index came in at 94.7 in December.
  • IFO Current Economic Assessment fell to 96.9 this month.
  • December German IFO Expectations Index arrived at 92.6, a miss.

The headline German IFO Business Climate Index fell further to 94.7 in December versus last month's 96.6 and the consensus estimates of 95.3.

Meanwhile, the Current Economic Assessment arrived at 96.9 points in the reported month as compared to last month's 99.0 and 97.5 anticipated.

The IFO Expectations Index – indicating firms’ projections for the next six months, fell to 92.6 in December from the previous month’s 94.2 reading and worse than the market expectations of 93.5.

Market reaction

EUR/USD is little change on the disappointing German IFO survey.

At the time of writing, the pair is up 0.04% on the day, trading at 1.1333.

About German IFO

The headline IFO business climate index was rebased and recalibrated in April after the IFO research Institute changed series from the base year of 2000 to the base year of 2005 as of May 2011 and then changed series to include services as of April 2018. The survey now includes 9,000 monthly survey responses from firms in the manufacturing, service sector, trade and construction.

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