(CercleFinance.com) – The business climate deteriorated more sharply than expected in July in Germany, shows the monthly survey published on Monday by Ifo.
The Ifo index, calculated by the Munich institute from a sample of responses from some 9,000 companies, came out at 88.6 this month after 92.2 in June.
The consensus expected it at 90.1.
The sub-index measuring current conditions fell to 97.7 from 99.4 in June, while that of expectations fell more heavily, from 85.5 to 80.3.
‘Further decline (…) comes on top of signs that the German economy is on the brink of recession, with high energy prices and concerns over energy supply hurting business prospects ‘, reacted the analysts of Capital Economics.
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