BERLIN (Reuters) – German business morale deteriorated further in August for the fourth month in a row, a survey showed on Friday.
The Ifo institute said its business climate index stood at 85.7 following a reading of 87.4 in July. Analysts polled by Reuters had forecast a reading of 86.7.
Assessments of the current situation fell to their lowest level since August 2020 and companies expectations are also increasingly pessimistic.
“The German economy is not out of the woods yet,” Ifo president Clemens Fuest said.
(Reporting by Maria Martinez and Rachel More, Editing by Friederike Heine)
