NEWS： German business confidence hit its lowest level in more than six years in July
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A survey released on Thursday showed that German business confidence deteriorated more than expected in July, falling to its lowest level in more than six years, further predicting that the manufacturing crisis is dragging the German economy into recession.
This data is a bad omen for Germany's export-dependent economy. Germany's economy has been severely impacted by weak external demand, trade disputes and the uncertainty of Britain's recession.
Ifo, a German think tank, reported that the business climate judgment index fell to 95.7 in July, down from 97.5 in June, when it was revised up, and also below the 97.1 predicted by Reuters.
The July index fell for the fourth consecutive month, the lowest since April 2013.
"The most important German economic indicators suggest that the German economy is heading for recession," said Thomas Gitzel, an analyst at VP Bank.
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