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Economic climate in euro area weakens slightly in Q3

Xinhua, August 4, 2016 Adjust font size:

The economic climate in the euro area deteriorated marginally in the third quarter of 2016, German research institute Ifo reported here on Thursday.

According to advance results of the Ifo World Economic Survey for the third quarter, the index for the economic climate in the euro area fell to 111.6 points in the third quarter from 112.7 points in the second quarter.

However, Ifo emphasized that the index remains way above its long-term average.

The Munich-based think tank reported that the deterioration in the economic climate was entirely due to less positive assessments of the economic outlook.

"The current economic situation, by contrast, improved. The economic recovery in the euro area continued this quarter, but lacked impetus," the president of Ifo Clemens Fuest commented.

In addition, experts expect an inflation rate of 0.7 percent in the euro area for 2016.

The Ifo business climate index is considered the most important barometer for the German economy. Enditem