News Formal

Business confidence slips further as Germany faces sluggish recovery

  • 📰 Reuters
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

German business morale deteriorated in July for the third month in a row, a survey showed on Tuesday, as analysts warned that Germany's economic engine was struggling to recover after slipping into recession earlier this year.

The Ifo institute said its business climate index stood at 87.3 following a revised reading of 88.6 in June. The drop was slightly bigger than forecast, with analysts polled by Reuters having expected a July reading of 88.0.

Europe's largest economy slipped into a technical recession in early 2023, defined by two consecutive quarters of contraction. Preliminary GDP data for the second quarter are expected on Friday. Carsten Brzeski, global head of macro at ING, said the German economy was feeling the effects of a weaker-than-hoped-for Chinese reopening, a looming U.S. recession and ongoing monetary policy tightening, ahead of another"The growing feeling that Germany is in for a longer period of subdued growth also seems to have reached German business," he said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

German IFO Business Climate Index drops to 87.3 in July vs. 88.0 expectedThe headline German IFO Business Climate Index declined to 87.3 in July versus last month's 88.6 and the consensus forecast of 88.0. more to come ...
Source: FXStreetNews - 🏆 14. / 72 Read more »