German business mood dims
Source: Agencies |
May 25, 2012, Friday
|
Print Edition
Print Edition
GERMAN business confidence dropped sharply in May, a closely-watched survey showed yesterday, as anxiety grows in Europe's largest economy over the increasing financial turmoil in the 17-country eurozone.
The Ifo index survey of business executives fell to 106.9 points in May from 109.9 points in April, the largest fall since last August. The decline was also steeper than analysts had been predicting.
The drop came even though Germany's own economy is doing relatively well. It grew by 0.5 percent in the first quarter from the previous three-month period. In contrast, seven euro countries are in recession, including Italy and Spain, while France posted flat growth.
However Ifo president Hans-Werner Sinn said the drop in his agency's headline index indicates that "the German economy is being influenced recently by the growing uncertainty in the eurozone."
The businesses' assessments of their current situation and hopes for the coming months both fell. The current assessment component fell to 113.3 points, its lowest level since July 2010, while the expectations component fell to 100.9 points.
The Ifo index survey of business executives fell to 106.9 points in May from 109.9 points in April, the largest fall since last August. The decline was also steeper than analysts had been predicting.
The drop came even though Germany's own economy is doing relatively well. It grew by 0.5 percent in the first quarter from the previous three-month period. In contrast, seven euro countries are in recession, including Italy and Spain, while France posted flat growth.
However Ifo president Hans-Werner Sinn said the drop in his agency's headline index indicates that "the German economy is being influenced recently by the growing uncertainty in the eurozone."
The businesses' assessments of their current situation and hopes for the coming months both fell. The current assessment component fell to 113.3 points, its lowest level since July 2010, while the expectations component fell to 100.9 points.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
