Ifo Business Survey for May 2003

The chances for an economic upswing in the second half of 2003 increased again. In May the business climate in western German trade and industry improved again. This was due to less sceptical appraisals of the business outlook for the coming half year. On the other hand, judgements of the current business situation deteriorated again. In the new Länder the business climate remained at the level of the previous month. Unlike western Germany the judgements of the business situation improved here, and the expectations trended downwards.