Sentiment in the German economy improved in March despite the recent turbulence in the banking sector. The Ifo business climate rose by 2.2 points to 93.3 points compared to the previous month, as announced by the Ifo Institute in Munich.
It is the fifth increase in the economic barometer in a row. Bank economists, on average, had expected a slight improvement just above stagnation.
The approximately 9,000 companies surveyed assessed their future prospects as better than the current economic situation. “Despite the turbulence at some international banks, the German economy is stabilizing,” commented Ifo President Clemens Fuest. The business climate improved in all economic sectors considered.
