Germany’s business confidence weakened more-than-expected at the start of the year to reach its lowest level in eleven months, reports said Monday citing survey data from the Munich-based IFO Institute.
The IFO business confidence indicator dropped to 10.7.3 from 108.6 in December, which was revised from 108.7. Economists had forecast a 108.4 score.
The latest reading was the lowest since February last year.
The current conditions index fell to 112.5 from 112.8. Economists had expected the measure to hold steady. The latest score was the lowest since March last year.
The expectations index of the survey eased to 102.4 from 104.6, which was revised from 104.7. Economists were looking for a modest decline to 104.2. The January reading was the lowest in five months.
The material has been provided by InstaForex Company – www.instaforex.com