MUNICH (dpa-AFX) – The mood in the German economy deteriorated significantly in June. The Ifo business climate fell by three points to 88.5 points compared to the previous month, as the Ifo Institute announced on Monday in Munich. It is the lowest level in over half a year. Analysts had expected a decline, but only to 90.6 points on average.
“The weakness in industry in particular is putting the German economy in difficult waters,” commented Ifo President Clemens Fuest. In manufacturing, the business climate has deteriorated significantly. But the mood also clouded over among service providers, in trade and in construction.