The expectations component rose from 90.4 to 91.6 points, while the current conditions component fell from 89.5 to 88.8. The rise in the headline indicator therefore does not mean businesses are already seeing an improvement in day-to-day trading.
The survey measures companies’ assessments and expectations rather than directly measuring growth or output. LBBW economist Dirk Chlench described the increased optimism as encouraging, while warning that high oil and gas prices continue to weigh on the economy. The figures thus show greater confidence in the future alongside a weaker assessment of present conditions.