ifo German export expectations for manufacturing 2019-2020

In December 2020, the seasonally adjusted balance value for export expectations in the German manufacturing sector was 1.4 points. This indicates that German companies expect an increase in manufacturing exports. For context though, this increases comes after declines down to -48.7 points in April and -25.5 points in May 2020, suggesting the expected increase relates to the reopening of certain economic sectors following the coronavirus pandemic.

Monthly balance values of the ifo export expectations for the German manufacturing sector (seasonally adjusted) from December 2019 to December 2020

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Release date

December 2020



Survey time period

December 2019 to December 2020

Supplementary notes

The CESifo Group consists of the Center for Economic Studies (CES), the Ifo Institute for Economic Research and the CESifo GmbH (Munich Society for the Promotion of Economic Research).

The balance is derived from the ifo Business Survey, which is based on about 7,000 monthly reports from companies in manufacturing, construction, wholesale and retail. Companies are asked to evaluate their current business situation and describe their expectations for the coming six months. Companies can rate their current situation as "good", "satisfactory" or "poor" and their expectations for the next six months as "more favorable", "unchanged" or "less favorable". The balance value of the present business situation is the difference between the percentages of the ratings "good" and "poor", the balance value of the expectations is the difference between the percentages between ratings "more favorable" und "less favorable".

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