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German business climate index falls in July due to Brexit referendum

Xinhua, July 25, 2016 Adjust font size:

The Ifo Business Climate Index for industry and trade in Germany fell to 108.3 in July from 108.7 points in June, the research institute Ifo reported on Monday.

According to the think tank, sentiment in the German economy weakened slightly in the wake of the Brexit referendum.

The business climate indexes in manufacturing and wholesaling both deteriorate, while the indexes in retailing and construction improved. The index in construction even rose to a new record high.

"Assessments of the current business situation improved slightly," Ifo president Clemens Fuest said, "The German economy proves resilient."

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