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German business climate index falls significantly in August: Ifo

Xinhua, August 25, 2016 Adjust font size:

The Ifo Business Climate Index for industry and trade in Germany fell to 106.2 points in August from 108.3 points in July, the research institute Ifo reported on Thursday.

According to the think tank, both the current business situation and the expectations for the next six months were assessed more poorly by surveyed companies in August than in the previous month.

The business climate indexes in manufacturing, retailing and wholesaling all deteriorated. Only the index in construction remained at a record level, the same index points as in July.

"The German economy has fallen into a summer slump," Ifo president Clemens Fuest commented.

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