The monthly ifo index measuring business confidence in Germany has declined from 104.7 to 103.2 points, while the outlook for the coming six months has deteriorated further, suggesting that the German economy continues to face challenges.
The situation has deteriorated particularly in the manufacturing industry, the seasonally adjusted index fell from 6.2 to 1.5 points. Business confidence in the construction industry declined from -7 points to -7.2 points.
Meanwhile, the climate for the German services industry improved from 19 points to 23,8 points month on month. The expectation for the coming six months rose from 10.5 to 14.1 points.
The October index is based on a survey among 7000 German businesses.