The Ifo Expectations index measures the outlook of German companies for the next six months. It is a leading indicator of economic activity, as business sentiment often precedes changes in production and investment. Significant shifts in this index can signal upcoming turning points in the German and broader European business cycles.
Companies indicate whether they expect their business situation to be 'more favorable', 'unchanged', or 'more unfavorable' in the coming six months. The balance of these responses is seasonally adjusted.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Sep 24, 2026 | — | 85.90 | — |
| Aug 25, 2026 | 89.10 | 87.50 | +1.60 |
| Jul 27, 2026 | 86.80 | 84.80 | +2.00 |
| Jun 24, 2026 | 84.30 | 85.00 | -0.70 |
| May 22, 2026 | 83.90 | 83.50 | +0.40 |
| Apr 24, 2026 | 83.50 | 85.00 | -1.50 |
| Mar 25, 2026 | 85.90 | 86.00 | -0.10 |
| Feb 23, 2026 | 90.50 | 90.30 | +0.20 |
| Jan 26, 2026 | 89.50 | 90.50 | -1.00 |
| Dec 17, 2025 | 89.70 | 90.50 | -0.80 |
| Nov 24, 2025 | 90.60 | 91.40 | -0.80 |
| Oct 27, 2025 | 91.60 | 89.10 | +2.50 |
| Sep 24, 2025 | 89.70 | 92.00 | -2.30 |
| Aug 25, 2025 | 91.60 | 90.20 | +1.40 |
| Jul 25, 2025 | 90.70 | 91.10 | -0.40 |
| Jun 24, 2025 | 90.70 | 90.00 | +0.70 |
| May 22, 2025 | 88.90 | 88.00 | +0.90 |
| Apr 24, 2025 | 87.40 | 85.00 | +2.40 |
| Mar 25, 2025 | 87.70 | 87.50 | +0.20 |
| Feb 24, 2025 | 85.40 | 85.20 | +0.20 |
| Jan 27, 2025 | 84.20 | 84.20 | 0.00 |
| Dec 17, 2024 | 84.40 | 87.50 | -3.10 |
| Nov 25, 2024 | 87.20 | 87.00 | +0.20 |
| Oct 25, 2024 | 87.30 | 86.80 | +0.50 |
| Sep 24, 2024 | 86.30 | 86.30 | 0.00 |
| Aug 26, 2024 | 86.80 | 86.50 | +0.30 |
| Jul 25, 2024 | 86.90 | 89.00 | -2.10 |
| Jun 24, 2024 | 89.00 | 91.00 | -2.00 |
| May 27, 2024 | 90.40 | 90.90 | -0.50 |
| Apr 24, 2024 | 89.90 | 88.90 | +1.00 |
| Mar 22, 2024 | 87.50 | 84.70 | +2.80 |
| Feb 23, 2024 | 84.10 | 84.00 | +0.10 |
| Jan 25, 2024 | 83.50 | 84.80 | -1.30 |
| Dec 18, 2023 | 84.30 | 85.90 | -1.60 |
| Nov 24, 2023 | 85.20 | 85.70 | -0.50 |
| Oct 25, 2023 | 84.70 | 83.30 | +1.40 |
| Sep 25, 2023 | 82.90 | 82.90 | 0.00 |
| Aug 25, 2023 | 82.60 | 83.80 | -1.20 |
| Jul 25, 2023 | 83.50 | 83.40 | +0.10 |
| Jun 26, 2023 | 83.60 | 88.00 | -4.40 |
| May 24, 2023 | 88.60 | 91.90 | -3.30 |
| Apr 24, 2023 | 92.20 | 91.50 | +0.70 |
| Mar 27, 2023 | 91.20 | 88.30 | +2.90 |
| Feb 22, 2023 | 88.50 | 88.40 | +0.10 |
| Jan 25, 2023 | 86.40 | 85.00 | +1.40 |
| Dec 19, 2022 | 83.20 | 82.00 | +1.20 |
| Nov 24, 2022 | 80.00 | 77.00 | +3.00 |
| Oct 25, 2022 | 75.60 | 75.00 | +0.60 |
| Sep 26, 2022 | 75.20 | 79.00 | -3.80 |
| Aug 25, 2022 | 80.30 | 79.00 | +1.30 |
| Jul 25, 2022 | 80.30 | 83.00 | -2.70 |
| Date | First print | Current | Revision |
|---|---|---|---|
| Jul 27, 2026 | 86.7 | 86.8 | +0.10 ↑ |
| Jun 24, 2026 | 84.1 | 84.3 | +0.20 ↑ |
| May 22, 2026 | 83.8 | 83.9 | +0.10 ↑ |
| Apr 24, 2026 | 83.3 | 83.5 | +0.20 ↑ |
| Mar 25, 2026 | 86 | 85.9 | -0.10 ↓ |
