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ifo Business Survey — 16 November 2023

Most German Companies Want to Retain Current Arrangements for Working from Home

Most companies in Germany, 84%, want to keep their current rules on working from home, finds an ifo Institute survey. “This applies to all sectors of the economy and to small, medium-sized, and large companies alike,” says ifo researcher Simon Krause. Only 8% of companies would like to change their rules on working from home. “Despite the public debate about returning to the office, working from home has become firmly established in the working world,” Krause adds.

ifo Business Survey — 13 November 2023

Material Shortages Noticeably Better in German Manufacturing

German manufacturing is seeing a considerable reduction in material shortages. In October, 18.2% of the companies surveyed reported shortages, down from 24.0% in September. This is a finding from the ifo Institute’s latest survey. “Things are almost back to pre-crisis levels,” says Klaus Wohlrabe, Head of Surveys at ifo. “Companies should plan now for future shortages, diversify their supply chains, and increase inventory levels.”

ifo Business Survey — 8 November 2023

Business at Germany’s Retailers Somewhat Worse

The business situation for Germany’s retailers has deteriorated slightly once again. The indicator fell from -9.8 points* in September to -13.4 points in October. Expectations for the coming months have improved a little, but remain at a low level. “This means that many retailers remain uncertain about how they will fare going into the Christmas season,” says ifo expert Patrick Höppner.

ifo Business Survey — 7 November 2023

Business Climate in Germany’s Chemical Industry Improves Marginally

The business climate indicator for the German chemical industry rose only a little in October. It remained in negative territory at -15.3 points, up from -18.7 points* in September. “Germany’s chemical industry continues to face an extremely challenging business environment,” says industry expert Anna Wolf of the ifo Institute.

ifo Business Survey — 6 November 2023

Order Cancellations in German Residential Construction Reach a New High

Germany’s wave of cancellations in residential construction continues. In October, 22.2% of companies reported canceled projects, up from 21.4% in the previous month. “It’s getting worse all the time, with more and more projects failing due to higher interest rates and elevated construction prices,” says Klaus Wohlrabe, Head of Surveys at ifo. “In residential construction, new business remains very low and companies’ order backlogs are diminishing.”

ifo Business Survey — 2 November 2023

Business Climate in Germany’s Automotive Industry Cools

The business climate in Germany’s automotive industry has cooled slightly. In October, the indicator fell to -16.1 points, down from -14.6 points* in September. “Companies in Germany’s automotive industry rate their current business situation as significantly worse than in the previous month,” says Anita Wölfl, a specialist at the ifo Center for Industrial Organization and New Technologies.

ifo Business Survey — 31 October 2023

Fewer Companies in Germany Expect Price Increases

In Germany, fewer companies are expecting prices to rise in the months ahead. Price expectations fell to 15.3 points in October, down from 15.7 points* in September. The most noticeable drop was in consumer-related industries. Among food retailers, the balance fell from 53.0 points* to 41.6 points, among other retailers from 31.8 points* to 28.3 points, and among consumer-related service providers from 35.1 points* to 29.3 points. “This means that consumer prices will still continue to rise. However, the pace will ease off and with it inflation,” says Timo Wollmershäuser, Head of Forecasts at ifo.

ifo Business Survey — 23 October 2023

German Banks More Reluctant to Lend

It is becoming more difficult for companies in Germany to obtain new loans. In September, 29.2% of companies in ongoing credit negotiations reported restraint on the part of banks. In June, that figure was only 21.3%. “Banks are gradually increasing interest rates on loans and are more reluctant to grant them,” says Klaus Wohlrabe, Head of Surveys at ifo.

ifo Business Survey — 17 October 2023

Majority of German Companies See Same Productivity from Working in the Office or from Home

Most German companies expect productivity to remain the same should their employees return from hybrid working to working solely in the office: 60.1% believe that employee productivity will remain the same in this case; 31.6% think it will increase with full office use; only 8.3% predict that employees would then work less productively. “The majority’s positive experience with productivity is an important reason why working from home has become established in many German companies”, says ifo researcher Mathias Dolls.

ifo Business Survey — 10 October 2023

Material Shortages Ease Somewhat in German Manufacturing

Supply problems in German manufacturing continue to ease. In September, 24.0% of the companies surveyed reported material shortages, down from 24.4% in August. “Things are settling down,” says Klaus Wohlrabe, Head of Surveys at ifo. The situation remains most problematic in the automotive industry, where just under 53% of the companies reported bottlenecks in the supply of raw materials and intermediate products.

ifo Business Survey — 9 October 2023

Business Situation in German Retail Deteriorates Slightly

The business situation among German retailers has deteriorated somewhat. The indicator fell from -7.2* points in August to -9.8 points in September. Expectations for the coming months, however, improved a little. “The recent noticeable increases in incomes among many consumers should further strengthen purchasing power, and retailers stand to benefit from this, too,” says ifo expert Patrick Höppner.

ifo Business Survey — 6 October 2023

Business Climate in Germany’s Chemical Industry Worsens Slightly

The ifo Business Climate in Germany’s chemical industry deteriorated somewhat in September to -19.3 points, down from -16.3 points* in August. While assessments of the business situation remain virtually unchanged, business expectations are now gloomier. “The chemical industry faces a great many challenges,” says industry expert Anna Wolf of the ifo Institute.

ifo Business Survey — 4 October 2023

Most German Companies Holding On to Office Space Even with Remote Working

Most companies in Germany don’t want to downsize their offices despite allowing employees to work from home. “The overwhelming majority of companies are leaving their office space as is. Only 9.1% of all companies plan to downsize their offices because of remote working. In individual industries, however, the figure is significantly higher – up to 40% in some cases,” says ifo expert Simon Krause. “So working from home is leading to a slight decline in demand for office space, putting pressure on the real estate market.”

ifo Business Survey — 2 October 2023

Business Climate in the German Automotive Industry Brightens

The business climate in Germany’s automotive industry has improved slightly. In September, the indicator rose to -14.7 points, up from -18.1 points* in August. “German automakers and their suppliers are satisfied with their current situation, but their expectations are still at rock bottom,” says Oliver Falck, Director of the ifo Center for Industrial Organization and New Technologies.

ifo Business Survey — 29 September 2023

More Companies in Germany Want to Raise Prices

Slightly more companies in Germany are planning to raise their prices. After twelve consecutive declines, price expectations went up again in September from 14.7 points* to 15.8 points. “It will be some time before Germany achieves the European Central Bank’s 2% inflation target,” says Timo Wollmershäuser, Head of Forecasts at ifo. Price expectations rose particularly sharply in hospitality, from 49.1 points* to 62.8 points. Among retailers, however, the balance dropped from 33.6 points* to 31.4 points.

ifo Business Survey — 22 September 2023

Business Situation in German Retail Deteriorates

Companies in most retail segments in Germany assess their business situation as worse. “Expectations for the coming months also remain cautious. The further cooling of the economy is having an impact on retailers, who have also recently had to cope with weakening consumer demand,” says ifo expert Patrick Höppner.

ifo Business Survey — 15 September 2023

Number of Short-Time Workers in Germany Drops Despite Slowdown

The number of short-time workers in Germany has fallen despite the economic slowdown. In August, 110,000 people were on short-time work, down from 150,000* in May, according to estimates by the ifo Institute based on the ifo Business Survey and figures from the German Federal Employment Agency. “Germany’s weak economy has had little effect so far. One reason for this may be that the regulations facilitating access to short-time allowances expired at the end of June,” says ifo labor market researcher Sebastian Link. As a share of the workforce, the figure fell from 0.4 to 0.3%.

ifo Business Survey — 12 September 2023

Wave of Cancellations in German Residential Construction Reaches New High

The crisis in the German residential construction sector continues to intensify. In August, 20.7% of companies reported canceled projects, up from 18.9% in the previous month. This is a finding of surveys by the ifo Institute. “Residential construction cancellations are piling up to a new high. We haven’t seen anything comparable to this since the survey began in 1991. The uncertainty in the market is huge,” says Klaus Wohlrabe, Head of Surveys at ifo.

ifo Business Survey — 11 September 2023

Material Shortages in German Manufacturing Ease Again

German manufacturing is seeing fewer material shortages. In August, 24.4 percent of the companies surveyed reported shortages, down from 29.5 percent in July. This is a finding from the ifo Institute’s latest survey. “The situation is trending more and more toward pre-crisis levels,” says Klaus Wohlrabe, Head of Surveys at ifo. “Business problems are now shifting from the supply side to the demand side.”

ifo Business Survey — 8 September 2023

Germans Work 17% of Their Working Hours from Home

Germans work 17% of their working hours from home, finds an ifo Institute survey. “However, barely half of all jobs are even compatible with remote working in the first place,” says ifo expert Jean-Victor Alipour. “Where it’s an option, employees work from home an average of 1.5 days a week.”