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- German IFO business climate index drops to 99.2 in April
German IFO business climate index drops to 99.2 in April
German business morale deteriorated in April, a survey showed, bucking expectations for a small rise and suggesting Europe's largest economy is losing momentum as trade tensions hamper its exporters.
Ifo economic institute said its business climate index fell to 99.2 from an upwardly revised 99.7 in the previous month. The April reading compared with a consensus forecast for 99.9. 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.
"The German economy continues to lose steam," Ifo President Clemens Fuest said in a statement.
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