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IFO is a monthly survey that asks German companies a variety of questions on the German business climate as well as any expectation they have for the following 6 months. IFO uses the number 100 as a middle ground between positive and negative outlooks. Over 100 shows that German firms are optimistic about German business conditions, while a reading below 100 shows a negative view on the German business climate.It is released at 8am GMT the last week of each month.