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German manufacturers' export expectations fall in August due to Brexit: Ifo

Xinhua, August 26, 2016 Adjust font size:

German manufacturers' expectations in export growth fell in August compared to last month due to Brexit vote, research group Ifo institute reported here on Friday.

The outlook value fell from 5.0 balance points in July to 4.7 points in August, the Munich-based think tank said.

According to the report, German industry including companies in automotive sector and chemical industry is again anticipating fewer orders from abroad.

"The Brexit vote is showing its effect," Ifo president Clemens Fuest commented.

The Ifo Export Expectations are based on around 2,700 monthly reports from manufacturers, who are asked to report their export expectations for the next three months. Endit