German business confidence drops more than expected

first_imgBERLIN (AP) — A closely watched survey shows that German business confidence declined more than expected in January as businesses grappled with coronavirus restrictions and an uncertain outlook. The Ifo institute’s monthly confidence index fell to 90.1 points from 92.2 in December. Managers’ assessment of both the current situation and the outlook for the next sixth months worsened. Economists had expected a decline to 91.4. Ifo said that “the second wave of coronavirus has brought the recovery of the German economy to a halt for now.” Ifo’s survey is based on monthly responses from about 9,000 companies.last_img