In manufacturing, the business climate index also dropped. The drivers of this development were noticeably poorer assessments of the current situation. Expectations were also more pessimistic, ifo Institute said in a press release.
Moreover, companies are receiving ever fewer new orders. Capacity utilisation fell by 1.4 percentage points to 83.0 per cent. This marks the first time in over two years that it has fallen below its long-term average of 83.6 per cent.
In trade, the business climate deteriorated as well. The outlook was noticeably dimmer. Businesses also offered worse assessments of their current situation.
ALCHEMPro News Desk (NB)
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