Ifo Business Survey for January 2009

The Ifo Business Climate Index for German trade and industry rose slightly in January. After a strong downward movement in 2008, the indicator is at a very low level, however. The two components of the business climate index developed differently this time: While the firms assessed their current situation even more unfavourably than in December, they are no longer quite so pessimistic regarding the six-month outlook. From this slight recovery of the business climate index, no cyclical turnaround can be deduced, however.