German IFO Business Climate Index drops to 87.0 in July vs. 88.9 expected

• German IFO Business Climate Index misses estimates with 87.0 in July.
• IFO Current Economic Assessment Index declines to 87.1 in the reported month.

The headline German IFO Business Climate Index came in at 87.0 in July, falling sharply from the June figure of 88.6. The market forecast was 88.9.

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About German IFO

The headline IFO business climate index was rebased and recalibrated in July after the IFO Research Institute changed the series from the base year of 2000 to the base year of 2005 as of July 2011 and then changed series to include services as of July 2018. The survey now includes 9,000 monthly survey responses from firms in the manufacturing, service sector, trade and construction.