BERLIN ― German business confidence fell further in August, a closely-watched survey showed Monday, as Europe's biggest economy struggles to emerge from a weak period.The Ifo Institute's confidence barometer, based on a survey of around 9,000 companies, declined to 86.6 points from 87 points in July.'The sentiment among companies in Germany is on a downward trend,' Ifo President Clemens Fuest said following the fourth consecutive fall in the indicator.
'Businesses in the crucial sector 'once again reported declining order backlogs,' according to Ifo, with the lull dragging expectations to their lowest point since February.A hoped-for recovery has failed to materialize after the German economy shrank in 2023.Output unexpectedly fell again in the second quarter of the year, according to preliminary data, with the economy contracting by 0.1 percent.