Ifo Business Survey for September 2003

German business confidence is improving visibly. The business climate in German trade and industry improved in September for the fifth time in a row. The upswing is not completely sure for the time being, however, because unlike the August survey the upward trend this time is exclusively the result of the business expectations, which are in the positive zone for the first time since Spring 2002, whereas the current business situation deteriorated again. In eastern Germany the business climate remained at the state of the previous month. Here the slight improvement of the expectations was offset by the more unfavourable judgements of the current situation.