German Business Outlook Remains Gloomy

Germany’s business mood has sunk for the sixth month in a row, according to a survey of the country’s economic climate carried out by the Munich-based ifo Institute for Economic Research. In western Germany, the business climate index fell from 87.7 to 87.3 points, the lowest level since January. However, the decline was less severe than many economists expected. According to the ifo survey, which polled more than 7,000 businesses through Germany, November’s bad mood can be traced to gloom over prospects for the next few months. The index of overall German business confidence fell from 97.9 to 95.8 points. Pessimism is especially apparent in the construction, manufacturing and wholesale trade sectors, while the retail sector expressed slightly more confidence.