German Ifo business climate index rises to 88.8 in August, current conditions and expectations also improve
Macro
The Ifo economic institute reported on the 25th that its business climate index for August rose to 88.8, up from a slightly upwardly revised 86.7 in July, and also beat the 87.2 forecast by analysts polled by Reuters. The expectations index rose to 89.1 from 86.8 in July, and the current conditions index also rose to 88.5 from 86.5. Ifo President Clemens Fuest said, "Despite energy prices rising again, the German economy is recovering." The Federal Statistical Office reported that second-quarter GDP rose 0.3% quarter-on-quarter, slightly revised up from the flash estimate of 0.2%.
