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German business sentiment improves in August

Christian Fernsby ▼ | August 25, 2020
German business sentiment improved in August, according to a survey released on Tuesday.
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Economy   German airport
The Ifo’s headline business climate index rose to 92.6.

Topics: German

Ifo Institute president Clemens Fuest said: "The German economy is on the road to recovery."

The German economy contracted by a record 9.7% in the second quarter the statistics office said on Tuesday.

The economic slump was much stronger than during the financial crisis more than a decade ago, and it represented the sharpest decline since Germany began to record quarterly GDP calculations in 1970, the office said.

Still, the reading marked a minor upward revision from an earlier estimate for the April-June period of -10.1% that the office had published last month.

Consumer spending shrank by 10.9% on the quarter, capital investments by 19.6% and exports by 20.3%, seasonally adjusted data showed.