(MENAFN) Unexpectedly, Germany's business climate index declined to a three-month low in December, as reported by data from a Munich-based research institute on Monday.
The Ifo Business Climate Index experienced its second consecutive monthly decrease, falling to 86.4 points in December from a downwardly revised 87.2 points in November. The market had anticipated an increase to 87.8 points for December.
"As the year draws to a close, the German economy remains weak," stated Clemens Fuest, the Head of Ifo Institute for Economic Research.
This month, the Ifo Business Expectations Index saw a decline to 84.3, marking a decrease from 85.1 in November.
Examining the data by industry, sentiment took a downturn among manufacturers, dropping to minus 17.2 in June. Traders also experienced a decline to minus 26.6, while constructors saw a decrease to minus 33.1.
Conversely, in the service sector, there was a slight improvement in the business climate, with the index rising to minus 1.7 from the previous month's figure of minus 2.5.
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