Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  August 27, 2012 11:22:58

Germany - according to Ifo business confidence fell in August and more than expected


German business confidence by the Ifo Institute in August decreased further. Business confidence index fell to 102.3 points compared to July's 103.2 points. Market allowed for a smaller decline to 102.7 points.

Index of current market conditions fell from 111.5 to 111.2 points, future expectations index fell from 95.5 to 94.2 points, the lowest since June 2009.

Index values ??reflect fears of further cooling the German economy caused by extension European lingering European debt crisis. The German economy is currently driven mainly by domestic consumption and corporate capital investment already declining. Bundesbank estimates this year's GDP growth between 0,6-1% in 2Q capital investment declined by 0.9% qoq. For the entire eurozone EK estimated GDP decline this year by 0.3%. Domestic demand growth holds especially foreign demand.Unemployment in Germany is at 6.8%, the lowest in the past 2 decades.
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