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1st LD Writethru: Ifo Business Climate Index declines for first time since last October

Xinhua, May 22, 2015 Adjust font size:

The Ifo Business Climate Index for industry and trade in Germany declines slightly to 108.5 points in May from 108.6 points in April, the first decline since October 2014, the Ifo institute reported on Friday.

The business climate indicator in retailing reached its highest level since June 2014. Meanwhile, the business climate in construction continued to improve, the Munich-based think tank said.

However, the indicator in manufacturing fell slightly after six consecutive increases due to less optimistic expectations, and wholesalers also assessed both their current business situation and their business expectations less positively to some extent, according to the report.

"Companies were once again more satisfied with their current business situation, but expressed slightly less optimism about the months ahead," Ifo president Hans-Werner Sinn said.

"The German economy remains on track," Sinn continued.

The Ifo Business Climate Index, considered the most important barometer for the German economy, is based on about 7,000 monthly survey responses from firms in manufacturing, construction, wholesaling and retailing. Endit