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German business climate index declines slightly in October

Xinhua, October 26, 2015 Adjust font size:

The Ifo Business Climate Index for industry and trade in Germany fell to 108.2 points in October from 108.5 points in September, the Ifo institute reported on Monday.

The climate index in manufacturing on the whole deteriorated for the third month in succession. However, Ifo said that the Volkswagen scandal has had no impact on the German automotive industry.

In addition, the indicator in wholesaling remained unchanged while it fell in retailing. The business climate in construction turned positive for the third month in succession, the Munich-based think tank reported.

According to Ifo, companies were slightly less satisfied with their current business situation than in September, however, optimistic view about future business developments continued to grow.

"The German economy is proving remarkably resilient in view of this autumn's multiple challenges," Ifo president Hans-Werner Sinn said.

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