Germany business confidence falls to two-year low in June

22 June 2012 15:09  [Source: ICIS news]

LONDON (ICIS)--German business confidence fell to its lowest level in more than two years in June amid fears of growing impacts from the eurozone sovereign debt crisis, a research group said on Friday.

Munich-based Ifo institute said its business climate index for Europe’s largest economy fell from 106.9 points in May to 105.3 in June - the lowest level since March 2010. The index is based on survey responses from 7,000 firms in manufacturing, construction, wholesaling and retailing.

Ifo said that manufactures are increasingly worried about their near-term business outlook, in particular about export markets.

In wholesale, fewer firms described their current business situation as good, compared with May’s survey. Moreover, wholesalers are now slightly more skeptical about their outlook than last month, Ifo said.

However, the business climate brightened slightly in construction, Ifo said.

In related industry news, research firm Markit reported that its purchasing managers index for Germany fell to its lowest level in three years in June.

In Germany’s chemical industry, producers trade group VCI has said it expects no year-on-year growth in the country’s chemical production this year.

Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog

By: Stefan Baumgarten
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