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German business confidence falls to near 7-year low

August 28, 2019


Abstract : German business confidence fell more than expected in August, hitting its lowest point since November 2012.

German business confidence fell more than expected in August, hitting its lowest point since November 2012.

The Munich-based Ifo institute said on Monday that its closely watched business confidence index fell to 94.3 points this month from 95.7 points in July.

The index - based on a survey of 9,000 executives - has been falling since March, but analysts had forecast a smaller decline to 95.1 points.

"The signs of a recession in Germany are intensifying," Ifo President Clemens Fuest said in a statement.

Ifo's business confidence index is generally considered a reliable indicator for future economic growth in Europe's largest economy.

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Keyword: German business confidence

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