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German business confidence weakened more than expected in August to the lowest since late 2012, survey results from Munich-based Ifo institute showed Monday.
The business climate index fell to 94.3 in August from revised 95.8 in July. This was the lowest since November 2012 and below the forecast of 95.0.
The current conditions index came in at 97.3 versus 99.6 in July. Economists had forecast the index to decline to 98.8.
The expectations indicator dropped to 91.3 in August from 92.1 a month ago. This was also weaker than the forecast of 91.8.
There are ever more indications of a recession in Germany, Ifo President Clemens Fuest, said. Not a single ray of light was to be seen in any of Germany's key industries.
