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Leasing: Business climate yields clearly - regeneration of aggregate equipment investment is still down the road

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  • Joachim Gürtler
  • Arno Städtler

Abstract

In the German leasing industry, the business climate worsened noticeably in the summer months, which was surprising as it had remained relatively stable in the three preceding quarters. After the strong boost in demand in the first half of 2004, new business decreased sharply in the course of the third quarter, and the comparable previous year-end results were not reached. In light of this development not only the current business situation was assessed less favourably, optimism also weakened with regard to future business. Employment increased in the third quarter by only around ½%. The investment index, based on the outlook appraisals of the leasing companies, which is compiled by the Ifo Institute and the Federation of German Leasing Companies (BDL) and is a reliable indicator for forecasting equipment investment, still gives no indication of an upswing and the index will remain in negative territory up to the beginning of Spring 2005. Accordingly, investments cannot be expected to enter a growth phase until the second quarter of 2005.

Suggested Citation

  • Joachim Gürtler & Arno Städtler, 2004. "Leasing: Business climate yields clearly - regeneration of aggregate equipment investment is still down the road," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(22), pages 36-39, November.
    • Handle: RePEc:ces:ifosdt:v:57:y:2004:i:22:p:36-39
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    References listed on IDEAS

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    1. Arbeitsgemeinschaft deutscher wirtschaftswissenschaftlicher Forschungsinstitute, 2004. "The State of the World Economy and the German Economy in Spring 2004," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(08), pages 03-46, April.
    2. Unknown, 2004. "Die Lage der Weltwirtschaft und der deutschen Wirtschaft im Fruhjahr 2004," Report Series 26111, Hamburg Institute of International Economics.
    3. Arbeitsgemeinschaft deutscher wirtschaftswissenschaftlicher Forschungsinstitute, 2004. "Die Lage der Weltwirtschaft und der deutschen Wirtschaft im Herbst 2004," HWWA Reports 248, Hamburg Institute of International Economics (HWWA).
    4. Unknown, 2004. "Die Lage der Weltwirtschaft und der deutschen Wirtschaft im Herbst 2004," Report Series 26062, Hamburg Institute of International Economics.
    5. Joachim Gürtler & Arno Städtler, 2004. "Leasing: First-quarter business climate only marginally improved - still no growth in total investment spending in the economy in sight," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(10), pages 27-30, May.
    6. Arbeitsgemeinschaft deutscher wirtschaftswissenschaftlicher Forschungsinstitute, 2004. "The State of the World Economy and the German Economy in Autumn 2004," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(20), pages 03-53, October.
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    Cited by:

    1. Arno Städtler, 2004. "Equipment leasing in Germany and Europe remains on the growth path," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(23), pages 26-36, December.

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    JEL classification:

    • L89 - Industrial Organization - - Industry Studies: Services - - - Other

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