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German Business Confidence Fell in May as Economy Seen Slowing
German business confidence declined more than economists forecast amid signs that growth in the euro area’s largest economy will slow this quarter. The Ifo institute’s business climate index, based on a survey of 7,000 executives, fell to 110.4 in May from 111.2 the prior month. Economists predicted a drop to 110.9, according to the median of 38 estimates in a Bloomberg News survey. Germany is key to the recovery in the 18-nation euro area, which is struggling to pick up pace amid near-record unemployment and subdued pricing power. Data today showed Germany’s economy was driven exclusively by domestic demand in ... (full story)
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