The ifo Business Climate Index fell in September from 115.9 points to 115.2 points, but still remains way above its long-term average of 102.1 points (as of 1991). Companies were less satisfied with both their current business situation and their short-term outlook than in August. Germany's economy nevertheless goes into the new legislative period with a strong tailwind.

In manufacturing the index declined markedly. Manufacturers were clearly less satisfied with their current business situation, which nevertheless remains favourable. Their business expectations were also scaled back slightly. Similar developments were seen in several key segments of manufacturing. Production plans, however, remain geared towards growth.