(CercleFinance.com) – The morale of German entrepreneurs deteriorated more sharply than expected in November, according to a survey by the Ifo institute published Monday.
After the rebound in October after four consecutive months of decline, the business climate index fell again over the month which ended, settling at 85.7 compared to 86.5 last month. .
Economists predicted a figure of around 86.
In a press release, Ifo evokes a feeling which is becoming ‘more gloomy’ among German companies, in industry as in services, the component measuring current business conditions having fallen from 85.7 to 84, 3 from one month to the next.
The sub-index measuring the evolution of their expectations recorded a more limited decline to 87.3 after 87.2 in October.
In a reaction note released in the morning, Commerzbank analysts underline that the manufacturing sector very clearly remains the ‘weak point’ of Europe’s largest economy.
‘The figures published today reduce hopes of an imminent recovery of the German economy,’ they say.
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