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German business morale deteriorates more than expected in July

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German business morale deteriorates more than expected in July
FILE PHOTO: The skyline with its banking towers is photographed on a sunny autumn afternoon in Frankfurt, Germany, November 1, 2017. REUTERS/Kai Pfaffenbach   -   Copyright  KAI PFAFFENBACH(Reuters)
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BERLIN (Reuters) – German business morale deteriorated more than expected in July, hitting its lowest level since April 2013, a survey showed on Thursday, in a further sign that a manufacturing crisis is dragging on overall private sector activity in Europe’s largest economy.

The Ifo institute said its business climate index fell to 95.7 from an upwardly revised 97.5 in June. The July reading, the fourth monthly decline in a row, undershot a consensus forecast for 97.1.

“The German economy is navigating troubled waters,” Ifo President Clemens Fuest said in a statement, adding that companies were less satisfied with their current business situation and are also looking ahead with increased scepticism.

(Reporting by Michael Nienaber, editing by Thomas Escritt)

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