Germany ifo business climate index: industry and trade
Germany ifo business climate index: industry and trade stood at 91.3 in Sep 2026, according to ifo Institute, KfW Research. It is one of the indicators in the ifo Business Climate table (Value · Monthly), with a complete series running from Jan 1991 to Sep 2026. The complete series with an interactive chart, free to download.
This indicator in the ifo Business Climate table
| Indicator | 09-2026 | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Industry and trade: business climate index2 | 91.3 | 90.4 | 88.2 | 86.6 | 85.4 | 85.4 | 86.7 | 88.1 | 87.9 | 86.9 | |
| Industry and trade: current situation index | 88.9 | 88.9 | 85.7 | 86.2 | 85.5 | 85 | 85.2 | 85 | 83.9 | 82.8 | |
| Industry and trade: expectations index | 93.7 | 91.8 | 90.7 | 86.9 | 85.2 | 85.8 | 88.1 | 91.3 | 92.1 | 91.2 |
Understanding germany ifo business climate index: industry and trade
This standardized measure tracks the combined business climate specifically for physical goods and distribution, aggregating sentiment from manufacturing, construction, wholesaling, and retailing. It omits the service sector to concentrate on the industrial and commercial core. Responses regarding both current conditions and expectations for the upcoming half-year are combined into a single value, which is then normalized against the base year indicated in the unit. This normalization facilitates direct historical comparison of the sector's mood without the scale variations seen in raw percentage point balances.
Month-on-month assessments are the standard method for analyzing this series, as the base-year normalization makes short-term momentum shifts highly visible. Seasonal adjustment removes the regular cyclical effects inherent to construction weather and retail holiday patterns. When viewing this index, analysts must remember that rebasing exercises shift the entire historical series, meaning values cannot be directly appended to older datasets using a different base year. Furthermore, because it merges several distinct sub-sectors, pronounced weakness in one area like construction can occasionally mask strength in manufacturing or trade. A period-on-period look avoids the baseline distortion often found in annual comparisons.
Frequently asked questions
- Which specific sectors make up the industry and trade aggregate?
- The composite includes enterprises operating in manufacturing, construction, wholesaling, and retail trade.
- Why is this measure presented as an index rather than a balance?
- The index format normalizes the underlying net balances to a specific base year, making long-term trajectory visualization more straightforward.
- Are service providers included in this specific index?
- No, the service sector is excluded from this particular cut, which focuses strictly on the production and distribution of physical goods.