2019.04.2404:56:00UTC+00German Ifo Business Confidence At 3-year Low

Germany's business confidence unexpectedly weakened in April to its lowest level in three years, survey data from the ifo Institute showed on Wednesday.

The ifo business climate indicator dropped to 99.2 from an upwardly revised 99.7 in March. Economists had expected the index to climb to 99.9 from March's original 99.6.

The latest reading was the lowest since April 2016, when the score was 99.

The business situation index fell to 103.3 from an upwardly revised 103.9 in March. Economists had predicted a score of 103.6. The reading was the lowest since March 2017.

The expectations measure of the survey decreased to 95.2 from 95.6, while it was expected to climb to 96.

"Companies are less satisfied with their current business situation. March's gentle optimism regarding the coming months has evaporated," ifo Institute President Clemens Fuest said.

"The German economy continues to lose steam."