Ifo Business Survey in July 2001

In July, the business climate in trade and industry took the first slight turn upwards since the beginning of the year. This was attributable to the less pessimistic assessments of the business outlook, whereas the current situation received less favourable appraisals than a month ago. It is still too early to see this as a cyclical turning point. This is only possible after the indicator points in the same direction for three consecutive months.