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- German IFO business climate declined more than expected in February
German IFO business climate declined more than expected in February
February Ifo business climate index 98.5 vs 99.0 expected and 99.3 prior (revised from 99.1)
This monthly indicator published by the IFO economic institute based in Frankfurt defines - via a survey of 7,000 entrepreneurs - the level of confidence in the German economy. This index has a great influence on the Euro currency because it highlights the German economic dynamism and investment levels for the next 6 months. A low figure could negatively impact the euro since Germany accounts for almost one third of GNP in the Eurozone.
Expectations 93.8 vs 94.2 expected and 94.3 prior (revised from 94.3)
Current assessment 103.4 vs 103.9 expected and 104.5 prior (revised from 104.3)
The German economic weak phase is set to continue, Ifo economist Klaus Wohlrabe said, adding a hard Brexit was by no means off the table yet and if U.S. President Trump implemented punitive tariffs, it would hit export expectations. "There was hope that the weak period we experienced in the second half of 2018 was only temporary but it looks like it will continue," Wohlrabe said.
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