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German business confidence drops in June

German business confidence drops in June amid concerns about current, future situation

German business confidence drops in June

BERLIN (AP) -- A closely-watched survey shows German businesses are getting a little less confident.

The Ifo Institute said Wednesday its Business Climate Index for Europe's largest economy fell to 107.4 points for June from 108.5 points the month before. The decline was bigger than expected -- economists had forecast a drop to 108.1.

The institute did not immediately give details about the reasons for the decline.

The survey of some 7,000 firms in the manufacturing, construction, wholesale and retail sectors showed their assessment of their current situation worsening. The index measuring that dropped to 113.1 from 114.3 in May, greater than the drop to 114.1 predicted.

The index measuring expectations for the next six months also dropped to 102.0 from 103.0. Again that was greater than the forecast drop to 102.4.

Updated : 2021-05-10 13:17 GMT+08:00