Germany ifo business climate by sector and firm size, and ifo export climate
Germany's most watched business survey: the ifo business climate index with its current-situation and expectations components for the economy as a whole, the same balances for manufacturing, construction, trade and services, and the KfW-ifo SME Barometer that splits the same sample into small and medium-sized and large enterprises, with price, employment and export expectations.
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | 08-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Germany4 | ||||||||||||||||||||||||||||||||||||||
| Business climate index2 | 88.8 | 86.7 | 85.7 | 85 | 84.5 | 86.3 | 88.4 | 87.6 | 87.6 | 88 | 88.4 | 87.6 | 88.9 | 88.5 | 88.3 | 87.4 | 87 | 86.8 | 85.2 | 85.4 | 84.9 | 85.6 | 86.4 | 85.5 | 86.5 | 87 | 88.2 | 88.9 | 89.2 | 87.8 | 85.8 | 85.6 | 86.8 | 87.3 | 86.9 | 86.2 | 85.8 | |
| Current business situation index | 88.5 | 86.5 | 87 | 86.1 | 85.4 | 86.7 | 86.6 | 85.6 | 85.6 | 85.5 | 85.3 | 85.7 | 86.3 | 86.5 | 86.2 | 86.1 | 86.5 | 85.7 | 84.9 | 86 | 85 | 84.2 | 85.7 | 84.4 | 86.3 | 87.1 | 88.2 | 88.3 | 88.9 | 88.1 | 86.9 | 87 | 88.6 | 89.5 | 89.2 | 88.8 | 88.9 | |
| Business expectations index | 89.1 | 86.8 | 84.3 | 83.9 | 83.6 | 85.9 | 90.3 | 89.6 | 89.7 | 90.5 | 91.6 | 89.6 | 91.5 | 90.7 | 90.5 | 88.8 | 87.5 | 87.8 | 85.5 | 84.8 | 84.8 | 87.1 | 87.2 | 86.6 | 86.7 | 86.9 | 88.2 | 89.4 | 89.4 | 87.4 | 84.6 | 84.3 | 85.1 | 85.1 | 84.7 | 83.6 | 82.9 | |
| Business climate balance2 | -5.9 | -10.5 | -12.8 | -14.2 | -15.3 | -11.4 | -6.7 | -8.6 | -8.5 | -7.7 | -6.8 | -8.5 | -5.8 | -6.5 | -6.9 | -8.9 | -9.9 | -10.4 | -13.7 | -13.3 | -14.4 | -12.8 | -11.1 | -13.1 | -10.9 | -9.9 | -7.2 | -5.8 | -5.1 | -8.2 | -12.5 | -12.9 | -10.2 | -9.3 | -10 | -11.6 | -12.4 | |
| Current business situation balance | 1.7 | -2.8 | -1.8 | -3.9 | -5.3 | -2.4 | -2.6 | -4.9 | -4.9 | -5.1 | -5.7 | -4.8 | -3.3 | -3 | -3.6 | -3.9 | -3 | -4.8 | -6.5 | -3.9 | -6.2 | -8.1 | -4.8 | -7.8 | -3.3 | -1.6 | 1 | 1.2 | 2.5 | 0.6 | -1.9 | -1.9 | 1.8 | 3.8 | 3.2 | 2.3 | 2.5 | |
| Business expectations balance | -13.2 | -17.9 | -23.2 | -24 | -24.7 | -19.9 | -10.7 | -12.2 | -11.9 | -10.3 | -8 | -12.1 | -8.2 | -9.9 | -10.2 | -13.8 | -16.6 | -15.8 | -20.6 | -22.2 | -22.1 | -17.4 | -17.1 | -18.4 | -18.2 | -17.8 | -15 | -12.5 | -12.5 | -16.6 | -22.6 | -23.2 | -21.5 | -21.5 | -22.3 | -24.6 | -26.2 | |
| ifo Business Uncertainty | 64.8 | 66.6 | 66.1 | 67.1 | 68.7 | 67.2 | 64.7 | 65.5 | 65.7 | 66.1 | 66 | 65 | 64.2 | 64.2 | 63.2 | 66.2 | 67.8 | 65.9 | 66.6 | 65.5 | 66.6 | 65.9 | 66.2 | 65.7 | 64.8 | 64.5 | 65.1 | 65 | 65.3 | 65.9 | 66.8 | 67.5 | 65.5 | 65.8 | 66 | 65.9 | 65.7 | |
| Business cycle traffic light: probability of expansion | 93.81 | 65.58 | 39.58 | 20.21 | 5.22 | 21.59 | 76.31 | 48.9 | 47.3 | 59 | 69.13 | 49.85 | 84.24 | 83.9 | 88.02 | 79.37 | 70.56 | 69.9 | 30.18 | 26.86 | 13.01 | 23.18 | 39.99 | 9.36 | 20.8 | 23.12 | 64.67 | 85.44 | 93.64 | 81.29 | 26.6 | 14.84 | 32.97 | 54.87 | 42.24 | 11.1 | 2.6 | |
| By sector2 | ||||||||||||||||||||||||||||||||||||||
| Industry and trade (manufacturing, trade, construction)5 | ||||||||||||||||||||||||||||||||||||||
| Industry and trade: business climate index2 | 90.4 | 88.2 | 86.6 | 85.4 | 85.4 | 86.6 | 88 | 87.9 | 86.9 | 87.2 | 88.1 | 87.7 | 88 | 88.3 | 87.7 | 87.4 | 85.4 | 85.8 | 83.7 | 82.7 | 83 | 83.8 | 83.9 | 83.8 | 84.9 | 85.7 | 87.4 | 89.1 | 88.5 | 87.5 | 84.2 | 85.1 | 85.4 | 86.6 | 85.4 | 85.9 | 85.7 | |
| Industry and trade: current situation index | 88.9 | 85.8 | 86.2 | 85.5 | 85 | 85.2 | 85 | 83.9 | 82.8 | 82.7 | 82.5 | 83.4 | 83.4 | 84.5 | 83.3 | 84.2 | 83 | 82.3 | 81.2 | 81.6 | 80.8 | 80.9 | 80.7 | 81.5 | 83 | 84.1 | 86.9 | 87.8 | 87 | 88.4 | 86.1 | 87.5 | 87.2 | 88.8 | 87.6 | 88.8 | 89.5 | |
| Industry and trade: expectations index | 91.8 | 90.7 | 86.9 | 85.2 | 85.9 | 88 | 91.2 | 92.2 | 91.3 | 91.9 | 94.1 | 92.1 | 92.8 | 92.2 | 92.3 | 90.8 | 87.9 | 89.5 | 86.3 | 83.8 | 85.3 | 86.9 | 87.2 | 86.1 | 86.9 | 87.3 | 87.9 | 90.4 | 89.9 | 86.6 | 82.4 | 82.8 | 83.7 | 84.4 | 83.2 | 83 | 82 | |
| Industry and trade: business climate balance2 | -10.1 | -14.6 | -18.1 | -20.5 | -20.5 | -18 | -15 | -15.2 | -17.3 | -16.8 | -14.9 | -15.8 | -15.1 | -14.5 | -15.7 | -16.3 | -20.5 | -19.7 | -24 | -26.2 | -25.5 | -23.8 | -23.7 | -24 | -21.6 | -19.9 | -16.3 | -12.8 | -14.1 | -16.2 | -23 | -21.1 | -20.5 | -18.1 | -20.6 | -19.6 | -19.9 | |
| Industry and trade: current situation balance | -6.8 | -13.7 | -12.6 | -14.1 | -15.3 | -14.8 | -15.3 | -17.8 | -20.1 | -20.2 | -20.8 | -18.8 | -18.8 | -16.4 | -19 | -17.1 | -19.7 | -21.3 | -23.5 | -22.6 | -24.4 | -24.2 | -24.6 | -22.9 | -19.8 | -17.2 | -11.2 | -9.3 | -11 | -8 | -13 | -9.8 | -10.6 | -7.1 | -9.6 | -7.1 | -5.4 | |
| Industry and trade: expectations balance | -13.3 | -15.6 | -23.3 | -26.7 | -25.5 | -21.1 | -14.6 | -12.6 | -14.5 | -13.3 | -8.8 | -12.8 | -11.4 | -12.6 | -12.4 | -15.5 | -21.3 | -18 | -24.6 | -29.7 | -26.6 | -23.4 | -22.8 | -25.1 | -23.3 | -22.5 | -21.3 | -16.2 | -17.2 | -24 | -32.5 | -31.7 | -29.9 | -28.5 | -30.9 | -31.3 | -33.3 | |
| Manufacturing1 | ||||||||||||||||||||||||||||||||||||||
| Manufacturing: business climate2 | -4.2 | -9.6 | -12.5 | -14.8 | -15.6 | -14.4 | -11.5 | -12.3 | -14.5 | -14 | -12.1 | -13.7 | -12.3 | -12.2 | -14.1 | -14.2 | -18.3 | -16.6 | -21.9 | -24.7 | -24.2 | -22 | -21 | -21.3 | -17.7 | -14.4 | -10.2 | -7.9 | -9.4 | -10.4 | -16.7 | -14.9 | -16 | -13.3 | -15.8 | -15.3 | -15.8 | |
| Manufacturing: current situation | -1.3 | -10.4 | -9.1 | -9 | -11.8 | -14.9 | -13.8 | -17.7 | -19.6 | -20.4 | -21.6 | -19 | -18.3 | -17.5 | -21.1 | -18 | -19.4 | -22.3 | -25.8 | -24.7 | -26.9 | -25.4 | -25.6 | -22 | -18.3 | -14.2 | -6.4 | -7 | -8.9 | -3.9 | -8.2 | -4.7 | -6.8 | -3.4 | -4.6 | -2 | -2.4 | |
| Manufacturing: expectations | -7 | -8.8 | -15.8 | -20.5 | -19.3 | -13.8 | -9.1 | -6.7 | -9.4 | -7.4 | -2.1 | -8.2 | -6.2 | -6.7 | -7 | -10.2 | -17.1 | -10.7 | -18 | -24.7 | -21.6 | -18.5 | -16.3 | -20.5 | -17.2 | -14.7 | -14 | -8.9 | -10 | -16.6 | -24.8 | -24.6 | -24.8 | -22.6 | -26.5 | -27.8 | -28.2 | |
| Trade3 | ||||||||||||||||||||||||||||||||||||||
| Trade: business climate2 | -20.5 | -23.4 | -26.8 | -30 | -32.6 | -24.7 | -22.1 | -21.3 | -24.8 | -22.8 | -21.8 | -23.2 | -21.5 | -20.3 | -19.3 | -20.4 | -26.9 | -23.9 | -26.4 | -29.6 | -29.6 | -26.9 | -29.6 | -30 | -27.5 | -27.9 | -23.8 | -17.3 | -22 | -23.1 | -30.9 | -29.6 | -26.6 | -22.4 | -27.3 | -25.1 | -25.5 | |
| Trade: current situation | -16.6 | -19.2 | -20.5 | -23.2 | -25.1 | -19.1 | -22.8 | -20.7 | -24.7 | -23.4 | -23 | -21.4 | -21.6 | -18 | -18.7 | -20.2 | -21.8 | -21.7 | -22.4 | -23.1 | -25.1 | -23.4 | -26.4 | -26 | -24.6 | -23.1 | -18.6 | -11.8 | -14.9 | -14.7 | -22 | -17.7 | -15.7 | -10.8 | -16.4 | -13.6 | -10.4 | |
| Trade: expectations | -24.3 | -27.6 | -32.8 | -36.5 | -39.9 | -30 | -21.3 | -21.8 | -24.9 | -22.3 | -20.6 | -25 | -21.3 | -22.6 | -19.8 | -20.5 | -31.9 | -26 | -30.3 | -35.8 | -33.9 | -30.3 | -32.6 | -34 | -30.3 | -32.6 | -28.8 | -22.5 | -28.9 | -31 | -39.3 | -40.8 | -36.9 | -33.3 | -37.6 | -36 | -39.3 | |
| Wholesaling1 | ||||||||||||||||||||||||||||||||||||||
| Wholesaling: business climate2 | -15 | -20.9 | -22.5 | -25.9 | -28.4 | -21.8 | -18 | -18.8 | -22.3 | -19.6 | -20.7 | -22.3 | -19.5 | -18.1 | -18.2 | -21.8 | -27.6 | -24.7 | -27.8 | -32.5 | -35 | -30.1 | -32.3 | -33.2 | -31 | -29.7 | -27.1 | -20.2 | -27.1 | -27.8 | -33.9 | -31.7 | -29.2 | -24.1 | -30.7 | -27.4 | -28.4 | |
| Wholesaling: current situation | -12.1 | -19.2 | -18.3 | -20.7 | -23.2 | -19 | -20.2 | -20.1 | -25.8 | -24.2 | -27 | -23.7 | -23.1 | -19.8 | -21.8 | -25.7 | -25.8 | -27.7 | -28 | -30.3 | -35.3 | -31.2 | -33.2 | -32.4 | -31.1 | -28 | -25.6 | -18.4 | -23.8 | -20.7 | -25.7 | -20.1 | -18.1 | -12.5 | -18.2 | -16.1 | -12.6 | |
| Wholesaling: expectations | -17.8 | -22.5 | -26.6 | -30.9 | -33.5 | -24.6 | -15.7 | -17.6 | -18.7 | -14.9 | -14.3 | -21 | -15.8 | -16.5 | -14.6 | -17.9 | -29.5 | -21.6 | -27.7 | -34.6 | -34.7 | -28.9 | -31.3 | -34 | -30.8 | -31.5 | -28.6 | -21.9 | -30.5 | -34.6 | -41.7 | -42.6 | -39.7 | -34.9 | -42.3 | -38 | -42.8 | |
| Retailing1 | ||||||||||||||||||||||||||||||||||||||
| Retailing: business climate2 | -29 | -28.8 | -32.5 | -37.2 | -37.9 | -29.9 | -27.9 | -24.3 | -28.7 | -27.7 | -23.5 | -24 | -24 | -22.8 | -20.3 | -18.6 | -25.7 | -22.6 | -23.9 | -25.4 | -23.1 | -22.3 | -25.4 | -25.8 | -23.1 | -25.4 | -19.5 | -13.5 | -14.5 | -17.6 | -27.7 | -26.6 | -22.8 | -20.2 | -22.4 | -21.7 | -21 | |
| Retailing: current situation | -23.6 | -20.2 | -23.3 | -27.8 | -25.9 | -20.1 | -26.2 | -21.4 | -23.5 | -21.5 | -17.2 | -18.3 | -19.6 | -14.3 | -12.2 | -11.8 | -16.9 | -13.6 | -13.6 | -14 | -12.9 | -12.5 | -16.8 | -17.8 | -15.6 | -16.3 | -7.2 | -2.2 | -2 | -7.5 | -18.2 | -15.4 | -12.3 | -9.1 | -13.8 | -10.2 | -6.8 | |
| Retailing: expectations | -34.2 | -36.9 | -41.1 | -46.2 | -49.1 | -39.2 | -29.6 | -27.2 | -33.7 | -33.6 | -29.6 | -29.5 | -28.2 | -30.9 | -28.1 | -25.2 | -34.1 | -31.2 | -33.6 | -36.2 | -32.7 | -31.6 | -33.6 | -33.5 | -30.2 | -33.9 | -31.1 | -24.2 | -26.1 | -27.2 | -36.6 | -37.2 | -32.7 | -30.6 | -30.6 | -32.5 | -34.2 | |
| Construction1 | ||||||||||||||||||||||||||||||||||||||
| Construction: business climate2 | -16.5 | -20.5 | -22.9 | -24.1 | -24.1 | -15.3 | -13.8 | -14.3 | -14.8 | -15.5 | -15.1 | -14.9 | -16.2 | -15.2 | -15.6 | -17.8 | -21.2 | -22.4 | -28.7 | -27.1 | -25.7 | -28.1 | -25.7 | -26 | -27.5 | -28 | -26.9 | -26.4 | -28.8 | -30.7 | -34.9 | -34 | -32.6 | -29 | -31.1 | -31.9 | -30 | |
| Construction: current situation | -13.2 | -12.7 | -15.1 | -15.1 | -11.2 | -3 | -7.9 | -10.1 | -11.4 | -9.3 | -11.1 | -13.8 | -14.2 | -11.7 | -12.1 | -12.1 | -14.2 | -12 | -14.9 | -14.1 | -14.4 | -21.3 | -18.1 | -18.8 | -18.2 | -18.7 | -17.1 | -16.1 | -17.2 | -16 | -17.9 | -20.1 | -18.4 | -16.3 | -17.1 | -16.8 | -14.2 | |
| Construction: expectations | -19.8 | -27.9 | -30.3 | -32.6 | -36.1 | -26.7 | -19.5 | -18.5 | -18.1 | -21.6 | -19 | -16 | -18.1 | -18.7 | -19 | -23.3 | -27.9 | -32.1 | -41.4 | -39.1 | -36.4 | -34.7 | -33 | -32.9 | -36.2 | -36.9 | -36.2 | -36.1 | -39.6 | -44.2 | -50.3 | -46.8 | -45.7 | -40.9 | -44.1 | -45.8 | -44.5 | |
| Services1 | ||||||||||||||||||||||||||||||||||||||
| Services: business climate2 | -2.1 | -4.4 | -5 | -6.8 | -10.9 | -5 | 0 | -2.6 | -2 | 0.7 | 0.1 | -2.7 | 2.5 | 2.7 | 3.6 | -0.2 | -0.6 | -1 | -4.2 | -2 | -5.3 | -3.4 | 0.2 | -3.1 | -1.2 | 0.6 | 3.8 | 1.9 | 3.2 | 0.4 | -3.8 | -4.6 | -1.2 | -2.3 | -1.4 | -4.2 | -4.1 | |
| Services: current situation | 9.4 | 8.4 | 10 | 6 | 5.2 | 9.9 | 9 | 8.3 | 9 | 10.2 | 8.1 | 7.8 | 11.4 | 9.9 | 11.4 | 11 | 12.3 | 11.6 | 10.2 | 14.1 | 9.8 | 7.2 | 13.9 | 7 | 12.4 | 13.4 | 13.9 | 12.2 | 15.7 | 10.1 | 8.9 | 7.3 | 14 | 13 | 13.9 | 10.2 | 11.9 | |
| Services: expectations | -13 | -16.3 | -18.9 | -18.8 | -25.7 | -18.8 | -8.7 | -12.8 | -12.4 | -8.4 | -7.6 | -12.7 | -6 | -4.3 | -3.9 | -10.8 | -12.7 | -12.8 | -17.7 | -16.8 | -19.4 | -13.4 | -12.6 | -12.7 | -14 | -11.3 | -5.9 | -7.8 | -8.7 | -8.8 | -15.7 | -15.8 | -15.4 | -16.4 | -15.6 | -17.7 | -19 | |
| SMEs and large enterprises (KfW-ifo SME Barometer)6 | ||||||||||||||||||||||||||||||||||||||
| Germany, all economic activities6 | ||||||||||||||||||||||||||||||||||||||
| SMEs: Business climate2 | -12.45 | -16.95 | -21.35 | -21.45 | -21.85 | -18.05 | -14.15 | -14.65 | -14.65 | -14.15 | -14.05 | -15.25 | -12.45 | -11.85 | -13.25 | -14.15 | -16.35 | -16.15 | -20.85 | -19.85 | -20.55 | -19.25 | -18.25 | -17.45 | -17.15 | -16.35 | -12.45 | -11.15 | -9.95 | -14.65 | -19.25 | -19.05 | -15.95 | -13.95 | -14.45 | -16.35 | -15.45 | |
| SMEs: Business situation | -15.18 | -17.48 | -18.48 | -18.58 | -19.18 | -17.18 | -17.98 | -18.18 | -18.88 | -19.48 | -19.28 | -19.58 | -16.18 | -15.38 | -15.58 | -15.58 | -16.68 | -18.58 | -19.08 | -18.08 | -19.18 | -20.48 | -18.18 | -18.58 | -16.18 | -14.18 | -9.88 | -9.68 | -9.08 | -12.28 | -14.48 | -14.18 | -11.28 | -10.48 | -9.18 | -11.68 | -7.98 | |
| SMEs: Business expectations | -10.07 | -16.77 | -24.17 | -24.27 | -24.57 | -19.17 | -10.77 | -11.57 | -10.77 | -9.37 | -9.27 | -11.47 | -9.17 | -8.67 | -11.17 | -13.07 | -16.27 | -14.07 | -22.77 | -21.67 | -21.97 | -18.37 | -18.47 | -16.67 | -18.27 | -18.57 | -14.97 | -12.77 | -11.07 | -17.07 | -23.87 | -23.67 | -20.37 | -17.37 | -19.57 | -20.87 | -22.37 | |
| SMEs: Price expectations | 7.15 | 7.55 | 9.25 | 15.85 | 20.25 | 11.65 | 3.75 | 2.05 | 3.45 | 3.55 | -0.35 | -0.75 | 2.15 | 2.65 | 1.15 | 0.85 | 2.45 | 2.55 | 4.55 | 3.95 | 3.55 | -0.45 | 0.65 | 0.35 | 1.15 | 1.65 | 1.15 | -0.05 | -1.45 | -2.45 | -0.75 | 3.95 | 5.65 | 3.75 | 1.75 | 1.25 | -0.85 | |
| SMEs: Employment expectations | -5.18 | -7.68 | -11.08 | -9.58 | -11.88 | -9.18 | -6.38 | -7.68 | -8.78 | -7.78 | -7.38 | -9.38 | -7.18 | -7.58 | -8.28 | -8.48 | -7.88 | -9.08 | -8.28 | -7.58 | -7.88 | -7.78 | -7.48 | -6.68 | -6.18 | -5.58 | -4.18 | -3.28 | -2.78 | -3.08 | -4.18 | -3.58 | -2.08 | -2.78 | -3.58 | -3.88 | -3.18 | |
| Large enterprises: Business climate2 | -12.5 | -17.4 | -17.3 | -20.3 | -20.9 | -20.7 | -16 | -18.8 | -18.8 | -16.9 | -16 | -18.4 | -17.5 | -18.8 | -20.3 | -20.1 | -22 | -22.7 | -25 | -25.9 | -25 | -25 | -22.5 | -27.5 | -23.9 | -20.1 | -18.4 | -17 | -15.7 | -17.6 | -24.3 | -22.5 | -23.6 | -21.4 | -24 | -22.3 | -25.5 | |
| Large enterprises: Business situation | -12.62 | -22.72 | -18.12 | -20.92 | -22.62 | -24.32 | -22.52 | -29.32 | -27.22 | -25.62 | -29.22 | -27.52 | -29.62 | -28.62 | -32.22 | -27.92 | -27.12 | -31.82 | -30.62 | -28.22 | -30.52 | -32.62 | -30.12 | -34.62 | -29.62 | -26.32 | -23.42 | -23.92 | -20.42 | -19.42 | -24.02 | -20.32 | -20.62 | -16.62 | -19.12 | -14.62 | -18.52 | |
| Large enterprises: Business expectations | -12.78 | -12.78 | -16.78 | -20.08 | -19.58 | -17.58 | -10.18 | -8.98 | -11.08 | -8.88 | -3.48 | -9.88 | -5.88 | -9.68 | -8.98 | -12.98 | -17.48 | -14.38 | -20.08 | -23.98 | -20.18 | -17.98 | -15.48 | -21.18 | -18.88 | -14.58 | -14.08 | -10.68 | -11.58 | -16.28 | -24.88 | -24.88 | -26.58 | -26.08 | -28.68 | -29.38 | -31.88 | |
| Large enterprises: Price expectations | 5.99 | 8.49 | 15.29 | 17.59 | 19.89 | 8.99 | 7.49 | 3.09 | 4.49 | 1.99 | -0.91 | -1.01 | -1.11 | 0.49 | -1.81 | -0.31 | 6.99 | 1.99 | 3.49 | 4.09 | 2.59 | -0.01 | 0.19 | -2.01 | -1.21 | 2.49 | -1.01 | 0.59 | 0.19 | -0.01 | -1.51 | 1.19 | -0.31 | -1.91 | -0.81 | -0.11 | -0.41 | |
| Large enterprises: Employment expectations | -10.63 | -15.33 | -14.53 | -13.63 | -18.13 | -15.53 | -18.13 | -17.83 | -18.43 | -18.03 | -16.83 | -15.63 | -14.33 | -14.43 | -16.53 | -12.43 | -11.13 | -17.33 | -14.13 | -14.83 | -15.63 | -14.13 | -14.03 | -13.73 | -13.13 | -8.43 | -5.53 | -8.13 | -5.13 | -3.13 | -10.13 | -6.83 | -5.73 | -8.43 | -7.33 | -3.73 | -2.83 | |
| Manufacturing8 | ||||||||||||||||||||||||||||||||||||||
| SMEs: Business climate2 | -10.13 | -17.23 | -25.63 | -24.53 | -25.33 | -24.43 | -18.23 | -17.53 | -17.43 | -17.33 | -16.73 | -16.53 | -17.33 | -16.93 | -19.83 | -20.13 | -23.53 | -24.43 | -26.33 | -28.13 | -28.23 | -23.93 | -24.73 | -23.03 | -23.43 | -22.33 | -19.43 | -16.03 | -17.93 | -20.03 | -23.23 | -22.73 | -19.63 | -16.33 | -16.93 | -17.93 | -20.53 | |
| SMEs: Business situation | -20.1 | -24.6 | -32.4 | -27.1 | -29.3 | -31.8 | -29.6 | -29 | -29.9 | -29.9 | -30.2 | -30.8 | -29 | -29.5 | -32.6 | -29.7 | -32.3 | -34.9 | -33.7 | -35.2 | -35 | -30.8 | -32.4 | -29.9 | -29.9 | -29.5 | -25.8 | -20.8 | -25.1 | -21 | -22.6 | -21.4 | -17.5 | -16.8 | -15.1 | -14.3 | -17.5 | |
| SMEs: Business expectations | -0.96 | -10.66 | -19.56 | -22.46 | -21.86 | -17.66 | -7.56 | -6.66 | -5.46 | -5.26 | -3.76 | -2.86 | -6.16 | -5.06 | -7.76 | -11.26 | -15.46 | -14.66 | -19.66 | -21.66 | -22.06 | -17.76 | -17.76 | -16.86 | -17.56 | -15.96 | -13.86 | -11.96 | -11.36 | -19.56 | -24.16 | -24.26 | -21.86 | -16.26 | -18.96 | -21.56 | -23.56 | |
| SMEs: Price expectations | 7.54 | 9.64 | 12.04 | 20.94 | 26.44 | 10.34 | -0.96 | -3.06 | -4.76 | -4.16 | -7.16 | -7.16 | -3.36 | -3.16 | -3.96 | -3.26 | -0.36 | -2.76 | 0.14 | -2.96 | -2.76 | -8.36 | -5.16 | -4.16 | -3.36 | -3.16 | -5.06 | -7.46 | -7.86 | -8.66 | -9.76 | -6.06 | -8.76 | -10.36 | -10.26 | -10.36 | -11.46 | |
| SMEs: Employment expectations | -3.53 | -10.53 | -13.13 | -12.43 | -13.83 | -13.23 | -11.03 | -11.13 | -14.63 | -11.23 | -11.33 | -10.53 | -10.53 | -9.53 | -10.13 | -9.33 | -10.83 | -12.13 | -12.83 | -15.23 | -15.73 | -14.33 | -13.63 | -12.63 | -9.43 | -9.33 | -7.93 | -8.23 | -8.83 | -6.93 | -8.63 | -8.23 | -7.83 | -5.53 | -9.03 | -6.93 | -6.23 | |
| SMEs: Export expectations | -1.67 | -9.87 | -10.77 | -13.07 | -12.97 | -14.37 | -8.47 | -11.67 | -12.47 | -13.87 | -9.47 | -12.07 | -13.77 | -9.87 | -11.97 | -11.97 | -15.97 | -10.07 | -14.17 | -14.97 | -13.67 | -12.87 | -13.37 | -14.47 | -13.87 | -14.77 | -14.17 | -13.67 | -13.17 | -13.67 | -15.47 | -16.97 | -16.77 | -12.87 | -16.37 | -16.57 | -15.37 | |
| Large enterprises: Business climate2 | -6.6 | -16.2 | -15.1 | -20 | -19.4 | -24.3 | -17.1 | -18.2 | -19.5 | -17.4 | -15.6 | -18.6 | -18.1 | -22.6 | -25.7 | -26.7 | -30.6 | -28.9 | -31.4 | -33.5 | -28.1 | -27 | -23.2 | -26.2 | -22.6 | -19.2 | -17 | -15.8 | -16.3 | -17.3 | -20.3 | -19.4 | -22.8 | -19.1 | -21.8 | -18.3 | -23.6 | |
| Large enterprises: Business situation | -6.6 | -27.1 | -20.2 | -23.8 | -25.5 | -33.8 | -26 | -36.4 | -32.8 | -31.5 | -33.3 | -33.3 | -35.4 | -38.1 | -44.9 | -41.8 | -41.6 | -44.7 | -45.9 | -44 | -41.2 | -41.4 | -38.5 | -39 | -33.3 | -30 | -23.4 | -25.5 | -27.4 | -17.7 | -18.6 | -17.7 | -21 | -12.6 | -16.3 | -9.6 | -17.2 | |
| Large enterprises: Business expectations | -7.27 | -6.27 | -10.97 | -17.27 | -14.37 | -15.87 | -9.37 | -0.47 | -6.97 | -4.17 | 1.73 | -4.57 | -1.37 | -7.87 | -6.87 | -12.37 | -20.67 | -13.67 | -17.57 | -23.97 | -15.77 | -13.47 | -8.57 | -14.27 | -12.97 | -9.37 | -11.67 | -7.27 | -6.17 | -17.77 | -22.57 | -21.67 | -25.17 | -25.67 | -27.57 | -26.87 | -30.27 | |
| Large enterprises: Price expectations | 9.98 | 14.78 | 21.58 | 21.78 | 19.68 | 9.68 | 5.18 | 0.38 | 0.08 | -2.22 | -5.42 | -4.42 | -3.12 | -1.12 | -5.62 | -2.92 | 6.78 | -1.22 | 1.38 | -1.92 | -1.82 | -4.42 | -3.22 | -4.72 | -3.42 | -0.32 | -2.92 | 1.78 | -1.62 | 1.88 | -1.22 | -2.52 | -2.92 | -9.42 | 1.08 | -0.12 | 1.38 | |
| Large enterprises: Employment expectations | -9.24 | -19.74 | -13.54 | -18.94 | -18.94 | -17.04 | -20.54 | -22.14 | -20.14 | -23.54 | -21.04 | -17.74 | -17.94 | -21.04 | -23.34 | -14.74 | -12.94 | -21.84 | -18.64 | -14.04 | -16.24 | -12.54 | -15.54 | -14.74 | -14.64 | -4.24 | -3.14 | -7.44 | -6.94 | 0.26 | -7.84 | -6.74 | -8.44 | -9.74 | -9.14 | -3.74 | -2.24 | |
| Large enterprises: Export expectations | 8.55 | -12.85 | -11.35 | -13.05 | -5.95 | -2.25 | -2.35 | -4.45 | -4.35 | -8.15 | -2.45 | 2.25 | -7.75 | -5.75 | -8.65 | -6.75 | -20.45 | -7.45 | -9.45 | -10.15 | -11.65 | -10.35 | -14.45 | -14.25 | -10.85 | -4.85 | -3.75 | -1.25 | -4.95 | -7.35 | -11.95 | -13.85 | -10.85 | -9.65 | -7.85 | -13.85 | -7.55 | |
| Construction6 | ||||||||||||||||||||||||||||||||||||||
| SMEs: Business climate2 | -9.13 | -13.73 | -16.23 | -16.03 | -17.23 | -7.13 | -6.43 | -6.43 | -7.73 | -8.03 | -6.33 | -8.23 | -8.23 | -9.03 | -9.43 | -12.23 | -14.43 | -17.33 | -22.73 | -19.53 | -18.53 | -20.53 | -18.93 | -19.33 | -21.93 | -21.73 | -20.23 | -20.33 | -22.03 | -25.63 | -29.03 | -27.93 | -26.33 | -22.93 | -25.83 | -25.33 | -22.93 | |
| SMEs: Business situation | -11.34 | -12.04 | -13.34 | -11.94 | -10.04 | -1.14 | -5.54 | -6.74 | -9.64 | -7.94 | -8.24 | -11.74 | -12.34 | -12.04 | -11.34 | -11.94 | -12.04 | -13.14 | -14.54 | -13.74 | -14.64 | -19.94 | -17.24 | -18.74 | -19.34 | -19.04 | -17.34 | -16.94 | -16.04 | -17.14 | -17.54 | -20.74 | -18.64 | -14.94 | -18.24 | -16.74 | -13.34 | |
| SMEs: Business expectations | -7.81 | -16.11 | -19.61 | -20.61 | -24.51 | -13.41 | -7.91 | -6.91 | -6.71 | -8.81 | -5.11 | -5.51 | -5.01 | -6.81 | -8.31 | -13.31 | -17.31 | -21.91 | -30.81 | -25.51 | -22.91 | -21.81 | -21.21 | -20.51 | -25.11 | -25.01 | -23.61 | -24.11 | -28.21 | -33.91 | -39.81 | -35.11 | -34.01 | -30.81 | -33.21 | -33.71 | -32.11 | |
| SMEs: Price expectations | 13.22 | 9.22 | 11.22 | 18.22 | 32.12 | 20.62 | 10.82 | 6.02 | 5.62 | 5.12 | 3.32 | 2.62 | 3.72 | 2.32 | -1.88 | -4.08 | -0.08 | -2.68 | 2.02 | 0.42 | -0.08 | -4.08 | -1.78 | -1.38 | 2.12 | 1.12 | 3.02 | -1.68 | -8.08 | -11.58 | -6.78 | -2.28 | -3.68 | -5.08 | -8.98 | -8.68 | -9.68 | |
| SMEs: Employment expectations | -0.03 | 0.77 | -1.13 | -0.13 | 0.27 | -0.43 | 3.77 | 0.27 | 0.67 | 2.27 | 0.17 | -0.03 | 1.07 | -0.03 | -0.03 | -2.23 | -3.73 | -2.33 | -4.43 | -2.73 | -3.33 | -4.63 | -1.83 | -1.13 | -2.73 | -3.63 | -5.03 | -6.53 | -6.83 | -7.43 | -9.73 | -8.73 | -7.33 | -7.33 | -6.93 | -8.43 | -8.53 | |
| Large enterprises: Business climate2 | -2.98 | -4.58 | -7.08 | -13.68 | -7.68 | -5.78 | -0.98 | -4.48 | -1.58 | -4.58 | -2.78 | 3.12 | -3.88 | 1.92 | 2.52 | 1.42 | -5.38 | 0.82 | -8.08 | -12.88 | -9.98 | -13.08 | -13.08 | -8.18 | -3.68 | -8.48 | -9.18 | -5.78 | -9.28 | -6.28 | -15.28 | -14.78 | -13.48 | -6.38 | -7.98 | -9.98 | -12.48 | |
| Large enterprises: Business situation | 1.05 | -4.05 | -5.15 | -12.45 | -2.55 | 3.85 | -2.65 | -6.25 | -3.55 | -0.45 | -2.35 | -4.85 | -1.95 | 5.95 | 3.85 | 3.55 | -2.55 | 11.85 | 2.35 | 1.75 | 6.45 | -5.45 | -7.35 | -0.85 | 5.05 | 0.95 | 1.85 | 6.55 | -2.55 | 4.85 | -1.65 | 1.75 | -0.55 | -0.45 | 5.65 | 3.15 | 0.05 | |
| Large enterprises: Business expectations | -7.76 | -6.26 | -10.06 | -15.96 | -13.56 | -15.46 | -0.66 | -3.86 | -0.76 | -9.56 | -4.46 | 9.84 | -6.86 | -2.96 | 0.24 | -1.66 | -9.16 | -10.16 | -18.46 | -26.56 | -25.26 | -21.06 | -19.26 | -15.86 | -12.66 | -17.96 | -19.86 | -17.76 | -16.46 | -17.36 | -28.16 | -29.96 | -25.86 | -12.86 | -21.06 | -22.56 | -24.46 | |
| Large enterprises: Price expectations | 3.74 | 3.84 | 8.04 | 17.14 | 32.44 | 17.84 | 10.14 | 12.14 | 10.14 | 8.54 | 10.44 | 11.14 | 4.74 | 9.64 | 9.74 | 0.84 | 7.24 | 6.74 | -0.56 | 4.04 | -3.86 | -9.76 | -9.66 | 5.74 | 1.44 | 3.14 | 7.94 | 4.54 | -1.36 | -5.06 | -0.86 | -0.76 | 3.94 | 3.44 | 0.44 | -7.46 | 0.84 | |
| Large enterprises: Employment expectations | 1.94 | 3.94 | 9.54 | 8.34 | 4.44 | 5.84 | 6.54 | 8.24 | 9.14 | 11.04 | 5.64 | 9.44 | 5.74 | 11.54 | 8.54 | 4.84 | 4.24 | 7.84 | 4.54 | 2.24 | 6.24 | 7.04 | 11.54 | 10.64 | 12.84 | 9.04 | 0.34 | 0.54 | 4.44 | -5.06 | 5.64 | 5.04 | 9.64 | -6.56 | 1.24 | 4.94 | 6.54 | |
| Retail trade6 | ||||||||||||||||||||||||||||||||||||||
| SMEs: Business climate2 | -19.55 | -19.75 | -27.45 | -29.35 | -28.85 | -23.15 | -18.65 | -13.95 | -17.85 | -16.05 | -11.05 | -13.15 | -14.15 | -14.25 | -12.35 | -11.05 | -17.55 | -14.65 | -14.45 | -14.95 | -11.95 | -10.05 | -13.15 | -11.65 | -12.15 | -17.25 | -12.65 | -4.25 | -5.65 | -10.15 | -15.15 | -15.85 | -10.35 | -9.25 | -9.45 | -10.25 | -11.55 | |
| SMEs: Business situation | -18.97 | -20.67 | -25.57 | -23.77 | -23.77 | -19.77 | -21.27 | -16.17 | -19.27 | -16.17 | -10.47 | -13.17 | -14.47 | -14.87 | -9.97 | -8.77 | -15.47 | -11.27 | -7.97 | -9.97 | -6.87 | -6.17 | -10.87 | -9.97 | -10.17 | -17.57 | -8.07 | 4.13 | -1.47 | -4.47 | -8.47 | -8.27 | -5.67 | -4.67 | -8.87 | -6.47 | -5.57 | |
| SMEs: Business expectations | -20.38 | -19.08 | -29.38 | -34.48 | -33.68 | -26.48 | -16.48 | -12.28 | -16.78 | -16.18 | -11.88 | -13.38 | -14.08 | -13.98 | -14.88 | -13.48 | -19.78 | -18.08 | -20.58 | -19.68 | -16.88 | -13.78 | -15.48 | -13.38 | -14.38 | -17.18 | -17.08 | -12.08 | -9.78 | -15.58 | -21.48 | -22.78 | -14.78 | -13.58 | -10.38 | -14.08 | -17.18 | |
| SMEs: Price expectations | 7.07 | 13.07 | 17.57 | 18.47 | 22.67 | 12.07 | 5.57 | 3.27 | 5.57 | 12.77 | 6.07 | 4.77 | 4.17 | 6.97 | 5.47 | 3.17 | 8.67 | 8.07 | 11.17 | 9.37 | 7.07 | 6.57 | 3.87 | 0.57 | 6.07 | 4.47 | 4.17 | 4.07 | 5.17 | 5.47 | 10.57 | 10.47 | 10.47 | 6.27 | 9.67 | 13.77 | 14.97 | |
| SMEs: Employment expectations | -11.91 | -9.81 | -19.11 | -14.01 | -12.71 | -12.51 | -7.81 | -9.31 | -8.31 | -5.81 | -6.71 | -4.41 | -4.11 | -8.01 | -5.01 | -4.91 | -5.71 | -6.31 | -8.01 | -4.21 | -7.31 | -4.81 | -3.81 | -6.41 | -7.41 | -6.31 | -2.81 | -1.61 | -2.41 | -0.91 | -5.01 | -4.21 | -0.61 | -1.91 | -2.31 | -0.51 | -5.71 | |
| Large enterprises: Business climate2 | -17.4 | -20 | -22.8 | -32.8 | -29.9 | -26.5 | -21.3 | -16.9 | -20.8 | -18.4 | -12.2 | -12.3 | -16.4 | -22.6 | -17.5 | -14.2 | -18.5 | -21.6 | -17.4 | -21.9 | -15.6 | -19.4 | -17.6 | -24.6 | -20.6 | -19.5 | -19.5 | -12.8 | -9.2 | -8.2 | -26.1 | -19.9 | -15.3 | -16 | -19.5 | -10.2 | -20.7 | |
| Large enterprises: Business situation | -19.06 | -19.36 | -26.26 | -32.76 | -25.46 | -26.26 | -28.96 | -22.66 | -22.66 | -20.36 | -14.46 | -20.16 | -21.06 | -29.76 | -22.76 | -15.16 | -21.16 | -22.56 | -13.46 | -14.86 | -17.46 | -18.96 | -20.96 | -28.66 | -23.26 | -20.96 | -13.16 | -6.36 | -1.86 | -7.96 | -26.06 | -18.96 | -10.46 | -19.56 | -21.66 | -5.16 | -13.76 | |
| Large enterprises: Business expectations | -16.15 | -21.05 | -19.95 | -33.25 | -34.35 | -27.15 | -14.25 | -11.65 | -19.45 | -16.85 | -10.55 | -4.85 | -12.25 | -15.95 | -12.75 | -13.65 | -16.35 | -20.95 | -21.35 | -28.65 | -14.15 | -20.05 | -14.65 | -21.05 | -18.55 | -18.45 | -25.65 | -18.95 | -16.35 | -8.75 | -26.45 | -21.25 | -20.15 | -12.95 | -17.85 | -15.15 | -27.25 | |
| Large enterprises: Price expectations | 4.65 | 10.65 | 24.35 | 9.45 | 27.45 | 7.35 | 12.25 | 11.45 | 1.55 | 9.25 | 10.55 | 3.45 | 0.85 | 10.65 | 3.95 | 5.95 | 8.35 | 11.05 | 10.75 | 11.55 | 10.45 | 9.35 | -4.55 | 4.05 | 8.45 | 7.45 | 1.85 | 1.45 | -2.05 | -1.25 | -2.05 | 2.45 | 3.65 | 0.55 | 0.55 | 15.05 | 10.65 | |
| Large enterprises: Employment expectations | -18.52 | -17.42 | -26.32 | -14.92 | -38.62 | -26.22 | -24.52 | -22.12 | -20.22 | -17.82 | -18.62 | -15.12 | -16.12 | -18.32 | -18.32 | -15.82 | -18.42 | -18.22 | -17.02 | -23.92 | -18.12 | -21.22 | -16.92 | -22.22 | -17.62 | -18.12 | -11.52 | -12.92 | -10.32 | -4.82 | -20.12 | -12.82 | 0.08 | -13.12 | -12.62 | -4.12 | -5.02 | |
| Wholesale trade6 | ||||||||||||||||||||||||||||||||||||||
| SMEs: Business climate2 | -13.63 | -19.13 | -25.03 | -26.03 | -27.63 | -24.83 | -20.23 | -16.43 | -20.13 | -18.33 | -17.13 | -21.43 | -18.73 | -19.43 | -20.03 | -23.33 | -29.93 | -28.43 | -32.83 | -34.43 | -33.83 | -30.03 | -29.23 | -29.13 | -29.13 | -29.73 | -27.73 | -21.83 | -25.03 | -26.13 | -36.23 | -30.23 | -24.43 | -21.63 | -25.23 | -20.73 | -24.93 | |
| SMEs: Business situation | -17.69 | -23.59 | -28.59 | -27.19 | -28.69 | -28.59 | -28.59 | -24.89 | -29.29 | -25.89 | -26.39 | -28.19 | -26.29 | -27.39 | -29.59 | -32.19 | -37.19 | -36.29 | -37.69 | -39.79 | -41.69 | -37.69 | -35.59 | -35.19 | -32.69 | -34.19 | -30.69 | -22.19 | -28.79 | -25.59 | -31.69 | -25.29 | -20.69 | -18.59 | -22.19 | -16.39 | -18.39 | |
| SMEs: Business expectations | -9.97 | -15.17 | -21.87 | -25.17 | -26.87 | -21.47 | -12.37 | -8.57 | -11.37 | -11.37 | -8.47 | -15.27 | -11.77 | -11.97 | -10.87 | -14.77 | -23.27 | -21.07 | -28.47 | -29.47 | -26.57 | -22.87 | -23.27 | -23.67 | -26.07 | -25.67 | -25.17 | -21.77 | -21.77 | -26.77 | -40.57 | -34.97 | -28.07 | -24.57 | -28.27 | -24.97 | -31.07 | |
| SMEs: Price expectations | 13.46 | 9.36 | 20.26 | 27.16 | 32.56 | 20.36 | -0.24 | 2.06 | -1.44 | -3.74 | -10.14 | -9.74 | -12.74 | -9.64 | -9.64 | -10.74 | -8.74 | -6.54 | -8.04 | -9.04 | -8.14 | -9.64 | -11.24 | -14.74 | -8.34 | -9.64 | -9.74 | -13.54 | -17.04 | -20.14 | -16.74 | -16.14 | -16.94 | -16.34 | -16.44 | -14.74 | -21.24 | |
| SMEs: Employment expectations | -2.97 | -9.57 | -8.87 | -7.77 | -7.57 | -10.07 | -8.27 | -9.57 | -10.97 | -11.37 | -9.47 | -8.27 | -6.87 | -6.57 | -4.87 | -8.57 | -9.57 | -8.97 | -11.37 | -11.57 | -12.97 | -12.47 | -15.67 | -12.37 | -11.57 | -11.77 | -10.97 | -8.37 | -9.37 | -8.77 | -9.27 | -7.47 | -5.17 | -4.67 | -5.17 | -4.77 | -6.47 | |
| Large enterprises: Business climate2 | -15.51 | -23.81 | -27.21 | -27.81 | -27.81 | -26.31 | -23.01 | -22.21 | -21.91 | -20.81 | -17.21 | -19.01 | -18.41 | -21.31 | -20.21 | -23.41 | -26.81 | -27.51 | -29.21 | -31.51 | -32.61 | -29.61 | -30.81 | -31.91 | -29.91 | -31.81 | -32.11 | -20.11 | -34.11 | -35.11 | -36.81 | -34.41 | -32.41 | -27.01 | -32.61 | -29.21 | -32.51 | |
| Large enterprises: Business situation | -18.05 | -28.85 | -31.25 | -30.25 | -34.05 | -33.25 | -34.15 | -33.95 | -36.25 | -36.85 | -33.35 | -33.45 | -30.45 | -33.85 | -30.35 | -37.45 | -35.25 | -41.45 | -37.35 | -40.75 | -41.45 | -37.15 | -40.25 | -39.75 | -39.55 | -40.05 | -41.85 | -29.75 | -44.65 | -35.25 | -37.45 | -31.35 | -28.75 | -21.45 | -24.45 | -23.05 | -22.55 | |
| Large enterprises: Business expectations | -13.47 | -19.57 | -23.97 | -26.07 | -22.47 | -20.17 | -12.57 | -11.37 | -8.17 | -5.17 | -1.47 | -5.17 | -6.97 | -9.57 | -10.87 | -10.07 | -19.27 | -14.17 | -21.77 | -23.07 | -24.67 | -22.87 | -22.17 | -24.97 | -21.07 | -24.37 | -23.17 | -11.27 | -24.37 | -35.37 | -36.57 | -37.67 | -36.17 | -32.37 | -40.17 | -35.07 | -41.47 | |
| Large enterprises: Price expectations | 10.24 | 10.04 | 15.04 | 37.14 | 37.84 | 21.94 | 0.84 | -3.86 | 3.94 | 0.94 | -14.36 | -5.46 | -8.76 | -8.26 | -12.06 | -13.46 | -9.76 | -9.96 | -9.86 | -11.46 | -12.16 | -11.86 | -10.56 | -16.36 | -10.96 | -8.86 | -8.06 | -15.66 | -20.06 | -24.66 | -20.76 | -12.16 | -17.66 | -21.66 | -23.66 | -21.66 | -27.46 | |
| Large enterprises: Employment expectations | -11.9 | -16.2 | -17 | -14.5 | -18.4 | -20.1 | -17.1 | -18.5 | -18.79 | -13.9 | -13.1 | -14.5 | -12.6 | -16.1 | -15.1 | -17.5 | -12.4 | -14.9 | -22.29 | -17.29 | -19 | -20.9 | -20.29 | -20.6 | -20.9 | -16.4 | -17.5 | -10.3 | -16.4 | -13.7 | -16.29 | -11.9 | -10.6 | -9.9 | -10.6 | -8 | -7.1 | |
| Services6 | ||||||||||||||||||||||||||||||||||||||
| SMEs: Business climate2 | -13.52 | -16.12 | -18.72 | -19.62 | -21.72 | -16.62 | -12.92 | -13.22 | -14.12 | -11.82 | -12.42 | -14.12 | -10.52 | -7.52 | -8.42 | -10.62 | -13.52 | -9.72 | -15.62 | -13.52 | -15.42 | -13.52 | -10.62 | -10.22 | -9.72 | -7.72 | -3.22 | -4.62 | -3.12 | -7.02 | -11.32 | -13.02 | -9.92 | -8.62 | -7.22 | -10.82 | -9.92 | |
| SMEs: Business situation | -11.32 | -11.72 | -12.62 | -15.92 | -15.22 | -12.02 | -11.72 | -11.72 | -9.82 | -12.32 | -11.32 | -12.12 | -7.32 | -6.82 | -6.52 | -7.92 | -7.82 | -7.42 | -8.62 | -6.82 | -7.12 | -9.32 | -4.42 | -6.12 | -2.32 | 0.58 | 2.18 | 0.08 | 1.78 | -4.02 | -5.02 | -6.72 | -2.12 | -2.32 | 0.58 | -5.12 | -0.32 | |
| SMEs: Business expectations | -15.81 | -20.42 | -24.52 | -23.31 | -27.92 | -21.12 | -14.31 | -14.91 | -18.22 | -11.61 | -13.71 | -16.22 | -13.81 | -8.41 | -10.51 | -13.31 | -18.92 | -12.11 | -22.31 | -19.92 | -23.22 | -17.62 | -16.72 | -14.21 | -16.81 | -15.41 | -8.51 | -9.31 | -7.91 | -10.11 | -17.31 | -18.92 | -17.22 | -14.61 | -14.71 | -16.22 | -18.81 | |
| SMEs: Price expectations | 5.8 | 5.7 | 4.7 | 9.8 | 11.9 | 8.3 | 3.4 | 5.5 | 10.2 | 8.7 | 3.7 | 2.2 | 6.8 | 8.7 | 5.7 | 6.8 | 7.9 | 7.3 | 7.4 | 14.5 | 11.2 | 6.7 | 5.7 | 3.2 | 4.8 | 6.7 | 5.7 | 6.8 | 8.9 | 5.3 | 7.4 | 16.5 | 21.2 | 17.7 | 14.7 | 11.2 | 10.8 | |
| SMEs: Employment expectations | -7.01 | -8.51 | -11.71 | -9.21 | -12.81 | -6.61 | -5.41 | -7.11 | -9.11 | -7.61 | -5.81 | -13.51 | -9.01 | -7.51 | -9.71 | -6.21 | -5.81 | -7.61 | -7.41 | -4.11 | -6.11 | -3.61 | -3.81 | -3.51 | -4.01 | -2.51 | 0.29 | 2.79 | 4.19 | 3.39 | -1.41 | 0.89 | 1.89 | 0.39 | 1.19 | -0.51 | 0.99 | |
| Large enterprises: Business climate2 | -17.08 | -17.28 | -20.18 | -18.38 | -24.58 | -19.58 | -13.08 | -19.38 | -16.98 | -10.98 | -15.28 | -18.78 | -14.08 | -15.68 | -15.48 | -16.18 | -17.78 | -20.08 | -19.58 | -16.88 | -23.48 | -21.48 | -19.88 | -25.18 | -24.08 | -20.48 | -17.18 | -21.78 | -19.88 | -22.18 | -28.28 | -26.58 | -25.88 | -23.88 | -23.48 | -25.68 | -28.08 | |
| Large enterprises: Business situation | -14.45 | -17.55 | -16.45 | -15.35 | -18.45 | -16.15 | -15.45 | -21.15 | -19.45 | -14.15 | -21.85 | -21.95 | -19.45 | -23.05 | -21.05 | -16.35 | -14.35 | -19.45 | -13.25 | -12.45 | -20.65 | -24.15 | -17.05 | -29.75 | -21.45 | -25.55 | -24.45 | -28.15 | -18.85 | -23.95 | -28.55 | -25.15 | -22.45 | -21.35 | -19.05 | -20.45 | -21.85 | |
| Large enterprises: Business expectations | -19.48 | -17.08 | -23.68 | -21.28 | -30.08 | -22.68 | -11.08 | -17.98 | -15.08 | -8.28 | -9.48 | -16.18 | -9.48 | -9.08 | -10.68 | -16.28 | -21.08 | -20.68 | -25.08 | -20.98 | -26.08 | -19.28 | -22.48 | -21.18 | -26.48 | -16.08 | -10.68 | -16.28 | -21.08 | -20.68 | -28.08 | -27.98 | -29.08 | -26.28 | -27.48 | -30.18 | -33.48 | |
| Large enterprises: Price expectations | 0.39 | -0.31 | 3.59 | 7.89 | 9.99 | 6.19 | 10.79 | 7.89 | 11.29 | 4.19 | 3.49 | 2.39 | 5.39 | 2.69 | 3.59 | 4.89 | 9.99 | 7.19 | 9.79 | 14.89 | 12.29 | 4.19 | 7.49 | 1.39 | 2.39 | 8.69 | 2.59 | 0.89 | 5.99 | 6.19 | 4.79 | 10.89 | 8.29 | 10.19 | 2.49 | 0.39 | 0.39 | |
| Large enterprises: Employment expectations | -10.7 | -10.3 | -14.4 | -5.8 | -15.3 | -10.5 | -14.9 | -9.6 | -16.9 | -14.7 | -12.7 | -16.7 | -11.7 | -6.3 | -7.4 | -6.8 | -9.3 | -13.5 | -7.9 | -11.6 | -14.9 | -12.7 | -10.7 | -8.7 | -9.7 | -10.3 | -4.4 | -6.8 | -3.3 | -6.5 | -9.9 | -4.6 | -3.9 | -4.7 | -3.7 | -3.7 | -2.7 | |
| Digital sector (Bitkom-ifo)1 | ||||||||||||||||||||||||||||||||||||||
| Digital-sector business climate2 | 4.2 | -2.2 | -4.9 | -1.9 | -5.1 | -3.6 | -0.6 | -1.6 | -3.8 | 1.9 | 0.8 | -2.9 | 1 | -1.2 | 0.1 | -4.7 | -3.8 | -2.7 | -1.3 | -2.7 | -5 | -3.3 | -1 | -1.7 | 0.8 | 4.6 | 7.6 | 4.3 | 5.1 | 6 | 1.9 | 7.2 | 9.9 | 6.5 | 9 | 8.1 | 9.3 | |
| Current business situation | 9.4 | 6.2 | 1.3 | 7.3 | 0 | 3 | 3.4 | 2.2 | 1.4 | 7.2 | 7.6 | 2.6 | 6.1 | 0.8 | 3.1 | 2.8 | 5.3 | 6.6 | 6.9 | 2.8 | 6.2 | 6 | 5.5 | 5.9 | 9.5 | 11.1 | 13.2 | 12.8 | 13.3 | 14.5 | 14.4 | 18.1 | 19.8 | 21.2 | 22.4 | 26.9 | 26.8 | |
| Business expectations | -1.6 | -10.2 | -11.2 | -11.4 | -10.7 | -10.3 | -5.4 | -5.6 | -9.4 | -3.4 | -6 | -8.3 | -4 | -3.7 | -3 | -12.8 | -12.7 | -11.8 | -9.1 | -8.5 | -15.3 | -11.9 | -7.2 | -9.2 | -7.3 | -1.2 | 2.8 | -2.8 | -2 | -1.5 | -9.7 | -2.8 | 0.7 | -7.4 | -3.6 | -10.3 | -8.1 | |
| Export and import climate4 | ||||||||||||||||||||||||||||||||||||||
| ifo Export Climate | -0.16 | -0.29 | -0.3 | -0.46 | -0.32 | -0.2 | -0.16 | -0.42 | -0.45 | -0.41 | -0.56 | -0.51 | -0.64 | -0.6 | -0.52 | -0.85 | -0.63 | -0.37 | -0.4 | -0.55 | -0.43 | -0.58 | -0.44 | -0.39 | -0.52 | -0.36 | -0.44 | -0.38 | -0.37 | -0.53 | -0.58 | -0.55 | -0.78 | -0.65 | -0.65 | -0.63 | ||
| Real special-trade exports, change on a year earlier | 3.06 | 3.24 | 2.19 | 2.05 | 2.88 | 1.12 | 2.44 | -0.66 | 3.73 | 1.49 | -1.41 | 0.8 | 1.89 | -0.51 | -3.9 | 0.07 | -2.11 | -1.74 | 0.23 | -2.57 | -3.16 | -0.28 | -0.83 | -2.57 | -4.6 | -2.03 | 5.62 | -1.14 | -1.93 | -1.64 | -1.26 | -2.6 | -2.58 | -4.68 | -2.12 | |||
| ifo Import Climate | -0.58 | -0.46 | -0.44 | -0.22 | -0.56 | -0.5 | -0.56 | -0.49 | -0.52 | -0.78 | -0.62 | -0.46 | -0.82 | -0.61 | -0.51 | -0.56 | -0.65 | -0.33 | -0.55 | -0.4 | -0.5 | -0.54 | -0.34 | -0.43 | -0.4 | -0.28 | -0.48 | -0.44 | -0.52 | -0.67 | -0.66 | -0.26 | -0.46 | |||||
| Export expectations, manufacturing | 9.56 | -2.8 | -3.39 | -5.53 | -1.29 | -1.19 | 2.57 | -0.6 | -2.52 | -3.45 | 1.93 | 2.77 | -3.71 | -0.68 | -3.57 | -2.4 | -9.09 | -2.68 | -5.49 | -5.97 | -4.66 | -4.45 | -6.99 | -6.67 | -4.82 | -3.54 | -1.75 | -1.23 | -0.94 | -3.02 | -6.99 | -7.19 | -5.97 | -3.39 | -5.19 | -8.49 | -4.54 |
Latest reading
Business climate index stood at 88.8 in Aug 2026. That is +2.4% from Jul 2026 and −0.1% from a year earlier. The series on this page is monthly and runs from Jan 2005 to Aug 2026. Source: ifo Institute, KfW Research and Bitkom e. V..
- Latest
- 88.8
- Aug 2026
- vs previous period
- +2.4%
- Jul 2026
- vs a year earlier
- −0.1%
About this data
Germany's most watched business survey: the ifo business climate index with its current-situation and expectations components for the economy as a whole, the same balances for manufacturing, construction, trade and services, and the KfW-ifo SME Barometer that splits the same sample into small and medium-sized and large enterprises, with price, employment and export expectations. The Bitkom-ifo digital index applies the identical method to the ICT sector, and the ifo export and import climates translate demand conditions in partner markets into one indicator each, next to manufacturers' own export expectations. The import climate is published on a slower schedule.
