KfW-ifo SME Barometer

Forwarding to KfW Research

Construction and interpretation of the KfW-ifo SME Barometer.

The KfW-ifo SME Barometer indicator family is based on a scale-of-enterprise evaluation of the ifo Business Survey, from which the well-known ifo Business Climate Index is calculated. Around 9,000 companies from the manufacturing, construction, wholesale, retail and services sectors (excluding financial services, insurance and government) are surveyed each month on their economic situation, including around 7,500 SMEs. Enterprises are generally classed as small to medium-sized if they employ a workforce of not more than 500 and record an annual turnover not exceeding EUR 50 million. For an analytically more significant evaluation, however, these quantitative limits have to be drawn more narrowly for retail trade (maximum annual turnover of EUR 12.5 million), construction (up to 200 employees) and services (maximum annual turnover of EUR 25 million). All enterprises that exceed at least one of these thresholds are classed as large-scale enterprises. The KfW-ifo SME Barometer reports the balance of the assessments of the current business situation (percentage of positive answers less percentage of negative answers), the balance of business expectations for the next six months, calculated in the same way, and the inferred mean value of these two components as the business climate. Moreover, employment expectations, domestic sales price expectations and – solely for manufacturing – export expectations are reported as balance figures, in each case with an expectations horizon of three months. All time series are seasonally and mean adjusted. The zero line therefore marks the long-term 'cycle-neutral' average since January 2005. Indicator values above (or below) zero point to an above average or favourable (below average or negative) economic situation. Due to a fundamental concept reform in April 2018, publications on the KfW-ifo SME barometer before and from this date can only be compared with each other to a limited extent.

December 2022	Sentiment brightened at the end of the year (PDF, 121 KB, accessible) Basic data set December 2022 (XLSX, 157 KB, non-accessible)
November 2022	SMEs have some hope again (PDF, 162 KB, accessible) Basic data set November 2022 (XLSX, 156 KB, non-accessible)
October 2022	Have business expectations bottomed out? (PDF, 161 KB, accessible) Basic data set October 2022 (XLSX, 157 KB, non-accessible)
September 2022	The recession has begun; business expectations are nearing their all-time low (PDF, 227 KB, accessible) Basic data set September 2022 (XLSX, 156 KB, non-accessible)
August 2022	Muted sentiment, dismal outlook (PDF, 146 KB, accessible) Basic data set August 2022 (XLSX, 156 KB, accessible)
July 2022	Serious recession concerns among SMEs (PDF, 153 KB, accessible) Basic data set July 2022 (XLSX, 156 KB, non-accessible)
June 2022	Satisfactory business situation but great anxiety about what lies ahead (PDF, 144 KB, accessible) Basic data set June 2022 (XLSX, 153 KB, non-accessible)
May 2022	Situation of SMEs is improving but fear of downturn is growing (PDF, 143 KB, accessible) Basic data set May 2022 (XLSX, 155 KB, non-accessible)
April 2022	SMEs cautiously breathe a sigh of relief after war shock in March (PDF, 141 KB, accessible) Basic data set April 2022 (XLSX, 153 KB, non-accessible)
March 2022	Attack on Ukraine has sent business expectations into a tailspin (PDF, 140 KB, accessible) Basic data set March 2022 (XLSX, 154 KB, non-accessible)
February 2022	Sentiment improved strongly – but before Russia’s attack on Ukraine (PDF, 180 KB, accessible) Basic data set February 2022 (XLSX, 153 KB, non-accessible)
January 2022	Optimism has grown again in the SME sector (PDF, 141 KB, non-accessible) Basic data set January 2022 (XLSX, 152 KB, non-accessible)
December 2021	Omicron is clouding business sentiment and economic outlook for 2022 (PDF, 100 KB, non-accessible) Basic data set December 2021 (XLSX, 152 KB, non-accessible)
November 2021	SME business sentiment is in freefall (PDF, 145 KB, non-accessible) Basic data set November 2021 (XLSX, 152 KB, non-accessible)
October 2021	SME business sentiment is stabilising, but supply bottlenecks remain a problem (PDF, 147 KB, non-accessible) Basic data set October 2021 (XLSX, 151 KB, non-accessible)
September 2021	Supply shortages are temporarily slowing down the recovery (PDF, 96 KB, non-accessible) Basic data set September 2021 (XLSX, 152 KB, non-accessible)
August 2021	Business sentiment drops as concerns are back (PDF, 140 KB, non-accessible) Basic data set August 2021 (XLSX, 148 KB, non-accessible)
July 2021	Positive business situation but renewed concern about the pandemic among SMEs (PDF, 94 KB, non-accessible) Basic data set July 2021 (XLSX, 151 KB, non-accessible)
June 2021	Economic indicators are turning green (PDF, 138 KB, non-accessible) Basic data set June 2021 (XLSX, 149 KB, non-accessible)
May 2021	SME business sentiment: enterprises are ready for recovery (PDF, 95 KB, non-accessible) Basic data set May 2021 (XLSX, 150 KB, non-accessible)
April 2021	Business sentiment: SMEs are putting up a brave fight (PDF, 137 KB, non-accessible) Basic data set April 2021 (XLSX, 149 KB, non-accessible)
March 2021	Business sentiment jumps – advance praise for the economic rebound (PDF, 155 KB, non-accessible) Basic data set March 2021 (XLSX, 147 KB, non-accessible)
February 2021	SME business confidence: a hint of spring (PDF, 142 KB, non-accessible) Basic data set February 2021 (XLSX, 147 KB, non-accessible)
January 2021	SME business sentiment: retail in freefall, manufacturing steady (PDF, 242 KB, non-accessible) Basic data set January 2021 (XLSX, 147 KB, non-accessible)
December 2020	SME business confidence was steady before the lockdown (PDF, 88 KB, non-accessible) Basic data set December 2020 (XLSX, 146 KB, accessible)
November 2020	Lockdown 2.0 is hitting SMEs harder than large enterprises (PDF, 126 KB, non-accessible) Basic data set November 2020 (XLSX, 147 KB, non-accessible)
October 2020	Worry lines in SMEs are deepening again (PDF, 127 KB, non-accessible) Basic data set October 2020 (XLSX, 145 KB, non-accessible)
September 2020	SME business confidence has risen again (PDF, 129 KB, non-accessible) Basic data set September 2020 (XLSX, 163 KB, accessible)
August 2020	Sentiment improvement in SMEs is losing steam (PDF, 119 KB, non-accessible) Basic data set August 2020 (XLSX, 162 KB, non-accessible)
July 2020	SMEs are recovering – everything else depends on how the pandemic evolves (PDF, 106 KB, non-accessible) Basic data set July 2020 (XLSX, 162 KB, non-accessible)
June 2020	SMEs are hoping for better times (PDF, 116 KB, non-accessible) Basic data set June 2020 (XLSX, 161 KB)
May 2020	A sigh of relief! (PDF, 117 KB, non-accessible) Basic data set May 2020 (XLSX, 159 KB, non-accessible)
April 2020	SMEs are now clearly in the throes of the coronavirus slump (PDF, 116 KB, non-accessible) Basic data set April 2020 (XLSX, 160 KB, non-accessible)
March 2020	SME business confidence collapses under the strain of the coronavirus crisis (PDF, 130 KB, non-accessible) Basic data set March 2020 (XLSX, 159 KB, non-accessible)
February 2020	SME business confidence not yet affected by coronavirus in February (PDF, 120 KB, non-accessible) Basic data set February 2020 (XLSX, 158 KB, non-accessible)
January 2020	A subdued start to the year for German SMEs (PDF, 130 KB, non-accessible) Basic data set January 2020 (XLSX, 159 KB, non-accessible)
December 2019	Despite minor bright spots at the end of the year, the road to a rebound is a long one (PDF, 124 KB, non-accessible) Basic data set December 2019 (XLSX, 156 KB, non-accessible)
November 2019	SMEs are suspended in an economic no man’s land (PDF, 131 KB, non-accessible) Basic data set November 2019 (XLSX, 158 KB, non-accessible)
October 2019	German SMEs report lower business situation assessments but the outlook is a bit less pessimistic (PDF, 121 KB, non-accessible) Basic data set October 2019 (XLSX, 157 KB, non-accessible)
September 2019	Sentiment improves slightly among SMEs but not in large enterprises (PDF, 121 KB, non-accessible) Basic data set September 2019 (XLSX, 158 KB, non-accessible)
August 2019	SMEs' resistance is weakening as mood turns sour (PDF, 203 KB, non-accessible) Basic data set August 2019 (XLSX, 155 KB, non-accessible)
Juli 2019	SMEs are trending downward, manufacturers are alarmed (PDF, 211 KB, non-accessible) Basic data set July 2019 (XLSX, 155 KB, non-accessible)
June 2019	More and more cracks are appearing in the key pillars of the economy (PDF, 205 KB, non-accessible) Basic data set June 2019 (XLSX, 156 KB, non-accessible)
May 2019	Much gloom weighs on SME business climate but rays of hope can be seen (PDF, 206 KB, non-accessible) Basic data set May 2019 (XLSX, 156 KB, non-accessible)
April 2019	SME business sentiment – as changeable as spring weather (PDF, 201 KB, non-accessible) Basic data set April 2019 (XLSX, 154 KB, non-accessible)
March 2019	SMEs: Downturn in sentiment has bottomed out (PDF, 201 KB, non-accessible) Basic data set March 2019 (XLSX, 155 KB, non-accessible)
February 2019	Deterioration of sentiment is spreading to more and more parts of the economy (PDF, 204 KB, non-accessible) Basic data set February 2019 (XLSX, 154 KB, non-accessible)
January 2019	Rampant pessimism is spreading to Germany’s SME sector (PDF, 210 KB, non-accessible) Basic data set January 2019 (XLSX, 159 KB, non-accessible)
December 2018	SMEs are feeling uneasy about the new year (PDF, 202 KB, non-accessible) Basic data set December 2018 (XLSX, 153 KB)
November 2018	SMEs have the autumn blues (PDF, 204 KB, non-accessible) Basic data set November 2018 (XLSX, 153 KB)
October 2018	SMEs had a golden October but large enterprises weathered autumn storms (PDF, 211 KB, non-accessible) Basic data set October 2018 (XLSX, 152 KB)
September 2018	Stabilisation of SME business sentiment continues (PDF, 138 KB, non-accessible) Basic data set September 2018 (XLSX, 152 KB, non-accessible)
August 2018	SMEs’ optimism rebounds sharply (PDF, 69 KB, non-accessible) Basic data set August 2018 (XLSX, 151 KB, non-accessible)
July 2018	SMEs: satisfied but nervous about the future (PDF, 115 KB, non-accessible) Basic data set July 2018 (XLSX, 152 KB, non-accessible)
June 2018	German SMEs keep their cool as trade conflict intensifies (PDF, 113 KB, non-accessible) Basic data set June 2018 (XLSX, 149 KB, non-accessible)
May 2018	SME business sentiment: the euphoria is gone as downward risks increase (PDF, 72 KB, non-accessible) Basic data set May 2018 (XLSX, 150 KB, non-accessible)
April 2018	Reformed business climate indicator confirms continuing decline in sentiment (PDF, 114 KB, non-accessible)
March 2018	Dark clouds on the horizon (PDF, 78 KB, non-accessible)
February 2018	SME business confidence slips despite new record situation assessments (PDF, 105 KB, non-accessible)
January 2018	SMEs start the new year on a high note (PDF, 93 KB, non-accessible)
December 2017	Business climate: slight dip at the end of an outstanding year (PDF, 130 KB, non-accessible)
November 2017	Breaking all records (PDF, 125 KB, non-accessible)
October 2017	Confidence of both SMEs and large enterprises at an all-time high (PDF, 124 KB, non-accessible)
September 2017	Going into autumn, German SMEs are in the best of moods (PDF, 123 KB, non-accessible)
August 2017	SME business confidence reaches a plateau after rising fast (PDF, 132 KB, non-accessible)
July 2017	Business climate at ever new heights (PDF, 130 KB, non-accessible)
June 2017	Soaring confidence in a roaring economy (PDF, 188 KB, non-accessible)
May 2017	SME business sentiment: taking a breather after all-time high
April 2017	Moving into spring at full speed
March 2017	SME business sentiment is consolidating on a high level
February 2017	Germany in high spirits thanks to SMEs
January 2017	Worry lines have grown deeper since the start of the year
December 2016	SME business confidence is up in December – and across the entire year 2016
November 2016	Business climate: SMEs are only moderately impressed by Trump
October 2016	Confidence of German SMEs is increasing in leaps and bounds – despite global risks
September 2016	German SME business confidence brightened in sunny September
August 2016	SMEs suddenly have the summer blues
July 2016	SMEs react fairly calmly to Brexit shock
June 2016	Brexit vote: German SMEs are well equipped for uncertain times
May 2016	Spring is in the air for German SMEs
April 2016	Businesses are stuck in a sober mood
March 2016	Fears of an economic slowdown are easing slightly
February 2016	Although concerns are growing, it is too early to throw in the towel
January 2016	German businesses uneasy about world economy
December 2015	German SMEs: mood slightly subdued as the year closes
November 2015	Optimism is booming
October 2015	SMEs remain calm despite bad news
September 2015	Manufacturing pushes SME business sentiment down
August 2015	German SMEs relaxed, large enterprises nervous
July 2015	German SME business climate climbs to annual high
June 2015	Unease in Europe causes disquit in SME sector
May 2015	German SMEs' business climate improves further, but only sligthly
April 2015	Spring is in the air for German SMEs
March 2015	SME business climate marking time
February 2015	German SMEs are cautiously optimistic
January 2015	SMEs realistic at start of year
December 2014	SMEs enter the new year with increased confidence
November 2014	And breathe ...
October 2014	SMEs facing downswing
September 2014	Economy raising concerns
August 2014	SMEs revise business expectations significantly downwards
July 2014	Tensions unsettle SMEs less than large companies
June 2014	Economic uncertainty on the rise
May 2014	General sentiment: slower pace ahead
April 2014	Buoyant mood amongst SMEs almost unchanged at start of spring
March 2014	SMEs relatively unfazed by the Crimean crisis
February 2014	Business climate: more realism, less optimism
January 2014	SMEs optimistic at start of year
December 2013	SMEs confident about 2014
November 2013	SME business climate jumps to year high
October 2013	SME business climate improves further
September 2013	Stable business expectations among SMEs
August 2013	Broad-based and strong improvement in business climate
July 2013	Optimism among SMEs holding up
June 2013	Confidence is returning – guardedly
May 2013	SMEs: Scepticism sets in
April 2013	Business climate for SMEs follows the negative trend
March 2013	SMEs clearly more confident than large-scale enterprises
February 2013	Confidence is growing by leaps and bounds
January 2013	Gearing up for a rebound KfW-ifo SME Barometer