German IFO Business Climate Index drops to 87.3 in July vs. 88.0 expected


  • German IFO Business Climate Index came in at 87.3 in July.
  • IFO Current Economic Assessment fell to 91.3 this month.
  • The July German IFO Expectations Index arrived at 83.5, a beat.

The headline German IFO Business Climate Index declined to 87.3 in July versus last month's 88.6 and the consensus forecast of 88.0.

Meanwhile, the Current Economic Assessment arrived at 91.3 points in the reported month, compared with June’s 93.7 and 93.0 anticipated.

The IFO Expectations Index – indicating firms’ projections for the next six months, fell to 83.5 in July from the previous month’s 83.8 reading. The data surpassed market expectations of 83.0.

Market reaction

EUR/USD is paring back gains on the mixed German IFO survey. At the time of writing, the pair is up 0.05% on the day, trading at 1.1065.

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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