The Ifo Business Climate Index is a leading indicator for economic activity in Germany, the largest economy in the Eurozone. It is based on a survey of approximately 9,000 enterprises in manufacturing, the service sector, trade, and construction. The index reflects firms' assessments of the current business situation and their expectations for the next six months. A rising trend suggests economic expansion, while a falling trend indicates a potential slowdown.
The index is calculated by subtracting the percentage of negative responses from the percentage of positive responses for both current conditions and expectations. The results are then balanced and normalized to a base year.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Sep 24, 2026 | — | 84.90 | — |
| Aug 25, 2026 | 88.80 | 87.20 | +1.60 |
| Jul 27, 2026 | 86.70 | 86.00 | +0.70 |
| Jun 24, 2026 | 85.70 | 85.60 | +0.10 |
| May 22, 2026 | 85.00 | 84.20 | +0.80 |
| Apr 24, 2026 | 84.50 | 85.50 | -1.00 |
| Mar 25, 2026 | 86.30 | 86.10 | +0.20 |
| Feb 23, 2026 | 88.60 | 88.40 | +0.20 |
| Jan 26, 2026 | 87.60 | 88.10 | -0.50 |
| Dec 17, 2025 | 87.60 | 88.20 | -0.60 |
| Nov 24, 2025 | 88.10 | 88.50 | -0.40 |
| Oct 27, 2025 | 88.40 | 88.00 | +0.40 |
| Sep 24, 2025 | 87.70 | 89.30 | -1.60 |
| Aug 25, 2025 | 89.00 | 88.60 | +0.40 |
| Jul 25, 2025 | 88.60 | 89.00 | -0.40 |
| Jun 24, 2025 | 88.40 | 88.20 | +0.20 |
| May 22, 2025 | 87.50 | 87.40 | +0.10 |
| Apr 24, 2025 | 86.90 | 85.20 | +1.70 |
| Mar 25, 2025 | 86.70 | 86.70 | 0.00 |
| Feb 24, 2025 | 85.20 | 85.80 | -0.60 |
| Jan 27, 2025 | 85.10 | 84.70 | +0.40 |
| Dec 17, 2024 | 84.70 | 85.60 | -0.90 |
| Nov 25, 2024 | 85.70 | 86.00 | -0.30 |
| Oct 25, 2024 | 86.50 | 85.60 | +0.90 |
| Sep 24, 2024 | 85.40 | 86.00 | -0.60 |
| Aug 26, 2024 | 86.60 | 86.00 | +0.60 |
| Jul 25, 2024 | 87.00 | 88.90 | -1.90 |
| Jun 24, 2024 | 88.60 | 89.70 | -1.10 |
| May 27, 2024 | 89.30 | 90.40 | -1.10 |
| Apr 24, 2024 | 89.40 | 88.90 | +0.50 |
| Mar 22, 2024 | 87.80 | 86.00 | +1.80 |
| Feb 23, 2024 | 85.50 | 85.50 | 0.00 |
| Jan 25, 2024 | 85.20 | 86.70 | -1.50 |
| Dec 18, 2023 | 86.40 | 87.80 | -1.40 |
| Nov 24, 2023 | 87.30 | 87.50 | -0.20 |
| Oct 25, 2023 | 86.90 | 85.90 | +1.00 |
| Sep 25, 2023 | 85.70 | 85.20 | +0.50 |
| Aug 25, 2023 | 85.70 | 86.70 | -1.00 |
| Jul 25, 2023 | 87.30 | 88.00 | -0.70 |
| Jun 26, 2023 | 88.50 | 90.70 | -2.20 |
| May 24, 2023 | 91.70 | 93.00 | -1.30 |
| Apr 24, 2023 | 93.60 | 94.00 | -0.40 |
| Mar 27, 2023 | 93.30 | 91.00 | +2.30 |
| Feb 22, 2023 | 91.10 | 91.20 | -0.10 |
| Jan 25, 2023 | 90.20 | 90.20 | 0.00 |
| Dec 19, 2022 | 88.60 | 87.40 | +1.20 |
| Nov 24, 2022 | 86.30 | 85.00 | +1.30 |
| Oct 25, 2022 | 84.30 | 83.30 | +1.00 |
| Sep 26, 2022 | 84.30 | 87.00 | -2.70 |
| Aug 25, 2022 | 88.50 | 86.80 | +1.70 |
| Jul 25, 2022 | 88.60 | 90.20 | -1.60 |
| Date | First print | Current | Revision |
|---|---|---|---|
| Jul 27, 2026 | 86.6 | 86.7 | +0.10 ↑ |
| Jun 24, 2026 | 85.6 | 85.7 | +0.10 ↑ |
| May 22, 2026 | 84.9 | 85 | +0.10 ↑ |
| Apr 24, 2026 | 84.4 | 84.5 | +0.10 ↑ |
| Mar 25, 2026 | 86.4 | 86.3 | -0.10 ↓ |
