August 26, 2019 / 8:14 AM / 3 months ago

German business morale falls to lowest level since 2012 in August

BERLIN, Aug 26 (Reuters) - German business sentiment deteriorated more than expected in August, hitting its lowest level since November 2012, a survey showed on Monday, in a further sign that Europe's largest economy is sliding toward a recession.

The Ifo institute said its business climate index fell to 94.3 from am upwardly revised 95.8 in July. The August reading, the fifth monthly decline in a row, undershot a consensus forecast for 95.1.

"There are ever more indications of a recession in Germany," Ifo President Clemens Fuest said in a statement. Companies were much less satisfied with their current situation and their pessimism about the coming months also increased, he added. (Reporting by Michael Nienaber, Editing by Joseph Nasr)

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