German business climate index continues to recover in September: ifo Institute

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BERLIN, Sept. 24 (Xinhua) -- Sentiment among business executives in Germany improved once again as the ifo business climate index rose to 93.4 points in September, up from 92.5 points in August, the Munich-based ifo Institute said on Thursday.

German managers continued to assess their current situation as more positive than in the previous month and expected a further recovery of their business, according to the index based on the economic sentiment of around 9,000 German company executives.

After the index plunged to a historic low in April amid the COVID-19 crisis, it was the fifth monthly increase in a row. "The German economy is stabilizing despite rising infection numbers," said Clemens Fuest, president of the ifo Institute.

In the German manufacturing sector, the index recorded a "noticeable increase," according to ifo. Industrial companies of the electrical and electronics industries in "particular are optimistic," that their business situation would continue to improve in the near future.

The business climate in trade also "brightened significantly." According to ifo, German retailers were "considerably more satisfied" with the ongoing business situation and expected to see a further upturn in the coming months.

The index for Germany's construction sector climbed to its highest level since March, according to the ifo. However, the outlook in the construction industry remained pessimistic.

In the service sector, the index fell due to "less optimistic expectations," according to ifo. German companies in the service sector only assessed their current business situation as "marginally better," than in the previous month. Enditem

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