ifo Institute, press release from October 10, 2024
The business climate for the self-employed deteriorated again in September. The “Jimdo-ifo business climate index” fell to -21.4* points, after -18.4* in August. This brought it closer to the long-term low from the beginning of the year. The self-employed rated their current situation somewhat less negatively. However, the outlook for the coming months has deteriorated significantly. “The economic downturn and the associated lack of new orders are causing problems for the self-employed,” says ifo expert Katrin Demmelhuber.
One bright spot is tourism and the hospitality industry. Business there was slightly better than in the previous month. However, the climate among IT service providers worsened and reached a long-term low.
Loan demand in the third quarter of 2024 remains relatively low at 10.1% (9.8% in the second quarter). However, self-employed people and small businesses report that it is becoming increasingly difficult to get loans from banks: 38.6% rated the banks’ behavior as restrictive, after 36.8% in the previous quarter.
Since August 2021, the ifo Institute has been calculating the Jimdo-ifo business climate index for self-employed people and small businesses (less than 9 employees). As in the overall index, all sectors are represented. However, the focus is on the service sector.
*(balances, not seasonally adjusted)
Which: ifo Institut
