BERLIN -German business morale deteriorated more than expected in August, falling for the fourth month in a row, a survey showed on Friday.
The Ifo institute said its business climate index stood at 85.7, down from 87.4 in July. Analysts polled by Reuters had forecast a reading of 86.7.
Assessments of the current situation fell to their lowest level since August 2020 and companies expectations for the next six months were also increasingly pessimistic.
“The German economy is not out of the woods yet,” Ifo president Clemens Fuest said.
Weak new orders are the main reason for the pessimism, according to Klaus Wohlrabe, head of surveys at Ifo. Export expectations have declined f…
Keep on reading: German business sentiment worsens further in August – Ifo