German business morale darkens in May

May 23, 2019

BERLIN (Reuters) – German business morale deteriorated more than expected in May, a survey showed on Thursday, suggesting that Europe’s largest economy is losing steam after the solid growth it posted at the start of the year.

The Ifo institute said its closely-watched business climate index fell to 97.9 from a confirmed 99.2 in the previous month. The May reading compared with a consensus forecast for 99.1.

“The German economy is still lacking in momentum,” Ifo President Clemens Fuest said, adding that a fall in managers’ assessment of current business conditions was the main reason for the decline in business morale.

(Reporting by Michael Nienaber, editing by Thomas Escritt)

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