Business confidence in Germany deteriorated in June as retail and manufacturing companies became more pessimistic due to rising costs and the threat of gas shortages.
The Ifo business climate index fell to 92.3 points in June from 93 points in May, according to the institute.
Economists expected the index to reach 92.5 points.
“The climate among German businessmen has become more ominous,” said Ifo president Clemens Faust.
German companies were somewhat less satisfied with their current business situation, while their expectations were more pessimistic, he said.
The index, which records the current situation, fell to 99.3 points in June from 99.6 points last month, while the index, which records business expectations, fell to 85.8 points from 86.9 points.
“Rising energy prices and the threat of gas shortages are of great concern to German companies,” Faust said.
Source: Capital
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