Germany’s economy is on the brink of recession when business confidence plunged to its lowest level in seven years.
The ifo Institute, a Munich-based analysis cluster, said: “Worry lines among German business leaders are becoming deeper and deeper.” Its monthly confidence index fell to only ninety four.3 points in August, down from ninety five.8 in July, the weakest reading since Nov 2012.
In the latest sign that Europe’s largest economy is troubled, the survey of nearly ten,000 German firms found that managers were gloomier regarding this economic state of affairs, and a lot of demoralized regarding the outlook over ensuing six months.
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