The ifo business climate index rose to 93.4 in September, up from 92.5 in August. The German economy is stabilizing despite the increasing number of infections. In the service sector, on the other hand, the index fell following four consecutive increases. This was due to less optimistic expectations. However, the companies assessed the current situation as slightly better.

The business climate in retail has brightened significantly. The dealers were noticeably more satisfied with their current business situation. In addition, many of them expect a further recovery in the coming months.

The index rose again in construction. The current situation indicator climbed to its highest level since March 2020. The outlook remains pessimistic, but somewhat less than in August.