24.09.202108:40:00UTC+00German Business Confidence Weakens In September

German business confidence weakened for the third straight month in September, survey results from the ifo Institute showed on Friday.

The business climate index dropped to 98.8 in September from 99.6 in August. The score was forecast to fall to 98.9.

Companies were less satisfied with their current business. They were also more skeptical about the coming months.

The current situation index declined unexpectedly to 100.4 from 101.4 in the previous month. The expected level was 101.8.

At the same time, the expectations index fell less-than-expected to 97.3 from 97.8 in August. The reading was seen at 96.5.

Problems in the procurement of raw materials and intermediate products are putting the brakes on the German economy, ifo President Clemens Fuest, said. Manufacturing is experiencing a bottleneck recession.