Germany: Business confidence drops to over one-year low
August 25, 2014
The business confidence index elaborated by the Ifo Institute fell for the fourth consecutive month in August. The indicator came in at 106.3 points from the 108.0 points observed in July and marked the lowest level since July 2013. In addition, the index undershot the 107.0 the markets had expected. The Ifo Institute noted that, “[t]he German economy continues to lose steam.”
According to the Institute, August’s result stemmed from firms being less upbeat regarding their current situations. Regarding future business developments, firms were also less optimistic than last month.