The German ifo index on business confidence has dropped for the third time in a row in February, with the majority of businesses surveyed now being pessimistic on the economic outlook for Germany.
The monthly index on the economic climate, according to 7000 businesses across Germany, dropped from 107.3 in January to 105.7 basis points in February. At the same time, the index on the current situation remained stable.
The assessment of the six month economic outlook declined significantly, from 102.3 to 98.8 basis points.
The pessimism was particularly pronounced in the wholesale, manufacturing and retail industry, while the economic climate for the construction industry reflected a slight improvement, from -0.5 to 0.3 basis points.