Germany's business sentiment unchanged in May, firms 'less satisfied'

ISTANBUL

The business climate index in Germany was unchanged in May at 89.3 points, the Munich-based think-tank Ifo Institute revealed on Monday.

The institute said companies were less satisfied with their current business situation, but their expectations brightened.

"The manufacturing, trade, and construction sectors are recovering, although the service sector took a slight hit. Germany’s economy is working its way out of the crisis step by step," it added.

On the manufacturing side, the climate improved for the third time in a row, it said, noting that firms were considerably more satisfied with their current business.

"In addition, the outlook for the coming months was less pessimistic than in the previous month. The order backlog continued to decline, however," it added.

The index declined in the services sector while improving in trade and construction sectors, it detailed.