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KfW ifo SME Barometer

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.

April 2023 SME sentiment in April: a mix of sunshine and rain(PDF, 198 KB, accessible)
Basic data set April 2023(XLSX, 157 KB, accessible)
March 2023 SME business confidence improved further at the start of spring(PDF, 288 KB, accessible)
Basic data set March 2023(XLSX, 159 KB, accessible)
February 2023 SMEs are more upbeat going into Lent(PDF, 191 KB, accessible)
Basic data set February 2023(XLSX, 158 KB, accessible)
January 2023 The green shoot of optimism continues to grow(PDF, 142 KB, accessible)
Basic data set January 2023(XLSX, 158 KB)
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 2017SME business sentiment: taking a breather after all-time high
April 2017Moving into spring at full speed
March 2017SME business sentiment is consolidating on a high level
February 2017Germany in high spirits thanks to SMEs
January 2017Worry lines have grown deeper since the start of the year
December 2016SME business confidence is up in December – and across the entire year 2016
November 2016Business climate: SMEs are only moderately impressed by Trump
October 2016Confidence of German SMEs is increasing in leaps and bounds – despite global risks
September 2016German SME business confidence brightened in sunny September
August 2016SMEs suddenly have the summer blues
July 2016SMEs react fairly calmly to Brexit shock
June 2016Brexit vote: German SMEs are well equipped for uncertain times
May 2016Spring is in the air for German SMEs
April 2016Businesses are stuck in a sober mood
March 2016Fears of an economic slowdown are easing slightly
February 2016Although concerns are growing, it is too early to throw in the towel
January 2016German businesses uneasy about world economy
December 2015German SMEs: mood slightly subdued as the year closes
November 2015Optimism is booming
October 2015SMEs remain calm despite bad news
September 2015Manufacturing pushes SME business sentiment down
August 2015German SMEs relaxed, large enterprises nervous
July 2015German SME business climate climbs to annual high
June 2015Unease in Europe causes disquit in SME sector
May 2015German SMEs' business climate improves further, but only sligthly
April 2015Spring is in the air for German SMEs
March 2015SME business climate marking time
February 2015German SMEs are cautiously optimistic
January 2015SMEs realistic at start of year
December 2014SMEs enter the new year with increased confidence
November 2014And breathe ...
October 2014SMEs facing downswing
September 2014Economy raising concerns
August 2014SMEs revise business expectations significantly downwards
July 2014Tensions unsettle SMEs less than large companies
June 2014Economic uncertainty on the rise
May 2014General sentiment: slower pace ahead
April 2014Buoyant mood amongst SMEs almost unchanged at start of spring
March 2014SMEs relatively unfazed by the Crimean crisis
February 2014Business climate: more realism, less optimism
January 2014SMEs optimistic at start of year
December 2013SMEs confident about 2014
November 2013SME business climate jumps to year high
October 2013SME business climate improves further
September 2013Stable business expectations among SMEs
August 2013Broad-based and strong improvement in business climate
July 2013Optimism among SMEs holding up
June 2013Confidence is returning – guardedly
May 2013SMEs: Scepticism sets in
April 2013Business climate for SMEs follows the negative trend
March 2013SMEs clearly more confident than large-scale enterprises
February 2013Confidence is growing by leaps and bounds
January 2013Gearing up for a rebound KfW-ifo SME Barometer