German business confidence drops to 6-year low

Business
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

BERLIN (AP) — A survey is showing a sharper-than-expected fall in German business confidence, which dropped to a six-year low as managers’ view of both their current situation and future prospects worsened.

The Ifo institute said Thursday that its monthly confidence index dropped to 95.7 points in July from 97.5 last month. Economists had expected a more modest decline to 97.2.

It was the fourth consecutive monthly decline in the index and the lowest figure since April 2013. Germany has Europe’s biggest economy.

The survey is based on responses from some 9,000 firms. German growth forecasts have been cut repeatedly in recent months and Ifo said that business confidence in the manufacturing sector in particular was “in free fall” in July.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More Check This Out
Loving Living Local 600x600

Don't Miss