German business confidence fell to its lowest level since March 2010

The indicator of German business confidence in August saw its fourth consecutive monthly decline to stand at 102.3 points from 103.2 the previous month, representing the lowest level of the indicator since March 2010, as reflected in the survey of the German Institute for Economic Research (Ifo).

German business confidence fell to its lowest level since March 2010, Ifo German business confidence

The Ifo indicator, regarding the current situation stood at 111.2 points, down from 111.5 the previous month, while business sentiment indicator dropped to 94.2 basis points, compared to 95.5 July.

“The German situation continues to weaken,” warned a reporting Ifo President Hans-Werner Sinn, who has said that the decline in the index is due to the¬†murky world’s expectations and the debt crisis in Europe¬†.

“The decline was weaker than the previous month,” stressed the President, noting that the current rating has deteriorated slightly, although companies expressed “more pessimistic” about the future.

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