German business morale falls as rising COVID cases cloud outlook
BERLIN (Reuters) - German business morale fell for the second month running in August as companies took a dimmer view about the coming months in Europe’s largest economy due to rising numbers of COVID-19 cases and supply bottlenecks, a survey showed on Wednesday.
The Ifo institute said its business climate index dipped to 99.4 from a downwardly revised reading of 100.7 in July. A Reuters poll of analysts had pointed to an August reading of 100.4.
“The mood in the German economy has clouded over again,” Ifo President Clemens Fuest said in a statement. “Supply bottlenecks for intermediate products in manufacturing and worries about rising infection numbers are putting a strain on the economy.”
Writing by Paul Carrel; Editing by Madeline Chambers
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