The ifo Business Climate deteriorated this month. The index fell to 101.8 points in June from 102.3 (seasonally adjusted) points in May. Companies were less satisfied with their current business situation. Their business expectations, by contrast, remained slightly optimistic. The tailwind enjoyed by the German economy is calming down.

In manufacturing, the index fell due to poorer assessments of the current business situation. Manufacturers' business expectations, by contrast, remained slightly optimistic. More manufacturers plan to ramp up production in the months ahead.

In the services sector the business climate deteriorated. Service providers were slightly less satisfied with their current business situation, which nevertheless remains very good. They also scaled back their expectations for the months ahead somewhat.