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German business climate index falls in February: Ifo

Xinhua, February 23, 2016 Adjust font size:

The Ifo Institute for Economic Research's business sentiment index for industry and trade in Germany dropped markedly to 105.7 points in February from 107.3 points in January, marking its third consecutive decrease, the institute reported here on Tuesday.

According to the Munich-based think tank, assessments of the current business situation were slightly better than last month, but German business companies expressed growing concern, especially in manufacturing.

The climate index in manufacturing, wholesaling, and retailing all fell somewhat, with only the construction sector index rising due to record-high assessments of the current business situation, Ifo reported.

"The majority of companies were pessimistic about their business outlook for the first time in over six months," 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