GERMAN business confidence improved slightly in January but remained low as Europe’s largest economy remained stuck in a rut, a closely watched survey showed Monday.
The Ifo institute’s confidence barometer, based on a survey of around 9,000 companies, rose to 85.1 points from 84.7 points in December.
The final reading of 2024 was the lowest the indicator had been since May 2020, when Europe was reeling from the impact of Covid pandemic shutdowns.
The gentle improvement was “due to a more positive assessment of the current situation”, Ifo president Clemens Fuest said in a statement.
Meanwhile companies’ expectations for the months ahead “deteriorated again” and the overall picture remained “pessimistic”, Fuest said. The depressed mood comes as the European powerhouse recorded its second-straight annual recession in 2024, shrinking by 0.2 per cent.
— AFP
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