Germany: Business confidence drops to over one-year low
September 24, 2014
The business confidence index in September, elaborated by the Ifo Institute, fell for the fifth consecutive month. The indicator came in at 104.7 points, which was down from the 106.3 points observed in August and marked the lowest level since April 2013. In addition, the index undershot the 105.8 the markets had expected. The Ifo Institute noted that, “[t]he German economy is no longer running smoothly.”
According to the Institute, September’s result stemmed from firms being less positive regarding both their current situations and future business development. In addition, business confidence fell among all of the surveyed subsectors.