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Financial News: German Ifo Business Confidence Weakest Since 2012

German Ifo Business Confidence Weakest Since 2012

08/26/2019 - 07:34:00 (RTTNews)

(RTTNews) - Germany's business confidence deteriorated to the lowest level in nearly seven years in August as escalating trade disputes dampened manufacturing activity, pushing the economy to the verge of a recession, survey results from the Munich-based ifo institute showed Monday.

The ifo business climate index fell to 94.3 in August from a revised 95.8 in July. This was the fifth consecutive fall.

The reading reached its lowest since November 2012. The score was also below the forecast of 95.0.

Companies were again much less satisfied with their current business situation and pessimism regarding the coming months also increased in August.

There are ever more indications of a recession in Germany, Ifo President Clemens Fuest said.

The free fall of the German economy continues, ING economist Carsten Brzeski, said. As the calls for government action are getting louder, Brzeski said the more and harder the domestic economy will be hit by the current slowdown, the higher the likelihood of a significant fiscal package.

In the August monthly report, Bundesbank said the largest euro area economy could shrink again in the third quarter as the slowdown in the industry continues.

The German economy contracted 0.1 percent in the second quarter, almost entirely reversing the first quarter's 0.4 percent expansion.

The Ifo current conditions index fell to 97.3 from 99.6 in July. Economists had forecast the index to decline to 98.8. The score was the weakest since November 2014.

The expectations indicator dropped to 91.3 in August from 92.1 a month ago and the reading was also below forecast of 91.8.

Business climate in manufacturing declined further in August. Current assessment deteriorated and pessimism among companies fell to the lowest since the crisis year of 2009.

"Not a single ray of light was to be seen in any of Germany's key industries," Fuest said.

In services, the business climate weakened noticeably and the corresponding index slid into negative territory in trade. However, morale in construction fell only slightly.

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