German business confidence drops again in August

26 August 2008 16:35  [Source: ICIS news]

TORONTO (ICIS news)--Germany’s business confidence fell again in August and the outlook for the coming six months remains tough, Munich-based Ifo Institute for Economic Research said on Tuesday.

 

“The current business situation has been assessed clearly more unfavourably than in the previous month,” Ifo said, citing its Business Climate Index for industry and trade in Germany.

 

The index fell to 94.8, from 97.6 in July, the third consecutive decline.

 

In August 2007 the index stood at 106.

 

Germany’s economy was challenged as manufacturing was cooling off and the climate in construction and retail had also worsened somewhat, compared with July, Ifo said.

 

Support from exports was expected to weaken and employers were more cautious in hiring, Ifo said.

 

The Ifo Business Climate Index is based on some 7,000 monthly survey responses of firms in manufacturing, construction, wholesaling and retailing.

 

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By: Stefan Baumgarten
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