Ifo index fell: German economy is stuck in recession. Business climate deteriorated in retail, with the index falling to its lowest value since October 2022. Both the current situation and expectations were more pessimistic. Construction industry is a “problem child” There is also a bad mood in the construction industry. Inflation and high financing costs are hitting potential house builders particularly hard. A ray of hope is that in the final stages of the 2024 budget planning, additional funding was apparently allocated for the construction of multi-family houses.