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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