German Ifo business confidence hits 17-month low

(MENAFN- AFP) Germany's Ifo business confidence indicator fell to its lowest level in 17 months in September, data showed on Wednesday, as Europe's biggest economy continues to run out of steam.

The Ifo economic institute's closely watched business climate index fell to 104.7 points in September, from 106.3 points in August, the think-tank said in a statement.

That is the lowest level since April 2013.

"Companies' assessment of their current business fell again. And their expectations for the next six months hit their lowest level since December 2012," said Ifo president Hans-Werner Sinn.

"The German economy is no longer running smoothly."

Ifo calculates its headline index on the basis of companies' assessments of current business and the outlook for the next six months.

The sub-index measuring current business slipped to 110.5 points from 111.1 last month, while the outlook sub-index fell to 99.3 points from 101.7 points.