Germany Ifo Business Climate dropped for the fourth straight month to 101.0 in December, down fro 102.0 and missed expectation of 101.7. Current Assessment gauge dropped to 104.5, down from 105.5 and missed expectation of 104.9. Expectations gauge dropped to 97.3, down from 98.7 and missed consensus of 98.2.
Ifo President Clemens Fuest noted in the release that “concern is growing among German businesses”. And, “the German economy faces a lean festive season.” Ifo economist Klaus Wohlrabe said uncertainty had increased again and Brexit was at the top of the agenda. The German economy is cooling but there is no recession in sight.
