German business morale fell more than expected in December, adding to recent evidence that the eurozone’s largest economy could contract for the second consecutive quarter at the end of 2023.
A widely-watched business climate index produced by the Ifo Institute in Munich fell to 86.4 in December, figures published on Monday showed, down from 87.2 in the previous month and well below the 87.8 figure forecasted by analysts in a Reuters poll.
The Ifo survey measures of the health of German industry several months before official statistics. Together with a decline in the December PMI index published last week, the findings suggest that Germany closed the year with declining activity.
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