Ifo – May
Business Current
Climate Situation Expectations

Median forecast* 113.8 121.0 106.5
High forecast 114.2 121.7 107.2
Low forecast 113.3 120.6 105.5
Previous period 114.2 121.0 107.7

No of responses 14 7 7

4Cast 113.9 121.5 106.5
Action Economics na na na
Barclays Cap. 113.8 na na
BNP Paribas 114.0 121.0 107.2
Capital Economics 113.8 na na
Citi na na na
Commerzbank 113.5 na na
Cred. Agricole 113.5 120.7 105.5
DZ Bank 113.3 120.7 106.0
Goldman Sachs 113.8 na na
JP Morgan na na na
Natixis 113.4 121.0 106.0
Nomura 113.8 na na
RBS na na na
Soc. Generale 113.8 120.6 106.9
UBS 114.2 121.7 107.0
Unicredit 113.5 na na
West LB 113.4 na na

GfK Consumer Morale
– May –

Median forecast* 5.5
High forecast 6.0
Low forecast 5.5
Previous period 5.7

No of responses 11

4Cast 5.5
Action Economics na
Barclays Cap. 5.5
BNP Paribas 5.7
Capital Economics 5.5
Citi na
Commerzbank 5.5
Cred. Agricole 6.0
DZ Bank 5.5
Goldman Sachs na
JP Morgan na
Natixis 5.7
Nomura na
RBS na
Soc. Generale na
UBS 5.8
Unicredit 5.6
West LB 5.5

CPI – May HICP – May
%mom %yoy %mom %yoy

Median forecast* 0.0 2.3 0.1 2.7
High forecast 0.2 2.6 0.4 3.0
Low forecast -0.3 2.0 -0.2 2.4
Previous period 0.2 2.4 0.3 2.7

No of responses 9 9 8 9

4Cast 0.2 2.5 0.3 2.9
Action Economics na na na na
Barclays Cap. 0.0 2.3 0.0 2.6
BNP Paribas -0.1 2.2 -0.2 2.4
Capital Economics na na -0.1 2.5
Citi na na na na
Commerzbank -0.1 2.2 na na
Cred. Agricole na na 0.4 3.0
DZ Bank 0.1 2.3 na na
Goldman Sachs 0.2 2.5 na na
JP Morgan na na na na
Natixis 0.2 2.6 0.2 2.9
Nomura na na na 2.7
RBS na na na na
Soc. Generale 0.0 2.3 0.0 2.6
UBS na na 0.1 2.7
Unicredit -0.3 2.0 na na
West LB na na na na

Retail Sales – April
%mom %yoy

Median forecast* 1.5 -0.1
High forecast 2.0 1.9
Low forecast 0.5 -0.5
Previous period -2.7 -0.7

No of responses 4 3

4Cast na na
Action Economics na na
Barclays Cap. na na
BNP Paribas 2.0 1.9
Capital Economics 1.0 -0.5
Citi na na
Commerzbank 2.0 -0.1
Cred. Agricole na na
DZ Bank 0.5 na
Goldman Sachs na na
JP Morgan na na
Natixis na na
Nomura na na
RBS na na
Soc. Generale na na
UBS na na
Unicredit na na
West LB na na
———————————————————————–

* Median is based on above forecasts and is not intended to represent
a consensus.

The survey was conducted on Friday, May 20.

[TOPICS: M$GDS$,M$G$$$,M$XDS$,M$X$$$]