Ifo Business Survey for August 2003

The results of the Ifo Business Survey confirm the forecast of the Ifo Institute for a recovery of economic activity in the second half of the year. In western German trade and industry, the business climate indicator improved for the fourth time in a row. It is especially welcome that also the judgement of the current situation improved this time and not only the expectations. In eastern Germany the climate indicator also showed improvement although it was weaker than in the west.