German business confidence fell more than expected in July, a survey showed on Monday, July 25, as high energy prices and looming gas shortages pushed Europe’s largest economy to the brink of recession.
The ifo institute said its business index came to 88.6, its lowest level in more than two years. The June reading also witnessed an unexpected decline following being revised down to 92.2.
Analysts polled by Archyde.com had expected a reading of 90.2 for July.
Companies expect the business climate to worsen significantly in the coming months.
