Clemens Fuest, president of the ifo Institute. (picture alliance/Bernd von Jutrczenka/dpa/archive)
The outlook for German business weakened sharply in May after a fall in April, according to the key Ifo Business Climate Index released on May 23.
The closely watched index fell by 1.3 points to 97.9, after a fall of 0.5 points in April to 99.2. The May figure is the lowest since the end of 2014 and came in lower than expected by analysts, who had predicted a smaller fall.
"The German economy continues to lack energy," Ifo president Clemens Fuest said in Munich. Confidence among managers fell in all sectors, apart from construction.
The falls in April and May came after an unexpected rise in March.
The Ifo index stems from a survey of about 9,000 German businesses and is considered a solid gauge for German economic growth in the coming months.
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