The mood in the German economy worsened significantly in September
THE German economy is slipping into recession, said the president of Munich’s Ifo Institute for Economic Research Clemens Foust, announcing earlier today a significant increase in pessimism in the business sector.
According to data released today by the Ifo, the mood in the German economy worsened significantly in September, with the relative index falling to 84.3 points, down 4.3 points from last month, the lowest level since May 2020. and in any case by far more than the Institute’s economists had expected, who had predicted a drop of 87 points.
“We see a big minus on all fronts,” said Ifo economic expert Klaus Vollrabe, noting that especially sectors directly dependent on energy are extremely pessimistic about the winter. “The industry is looking at the next six months with great concern,” added Mr. Foust and pointed out that the situation is similar to that which prevailed in the first period of the pandemic.
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