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.
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