The bottom line is that the mood in the German economy did not change in May. The Ifo business climate was stable at 89.3 points, as the Ifo Institute announced on Monday in Munich.

Analysts, however, had expected an increase to an average of 90.4 points. In the previous months, the mood barometer had risen three times in a row, which is usually interpreted as an economic turning point.

“The German economy is gradually working its way out of the crisis,” commented Ifo President Clemens Fuest. The approximately 9,000 companies surveyed rated the prospects for their future business better in May, but rated their current situation worse. The business climate brightened in industry, trade and construction, but deteriorated in the service sector.