Consumer confidence in the German economy declined for a fourth month in a row, sliding to another five-year low. Ifo's Business Climate for Germany report, which surveyed 7000 business executives across Germany, found that business confidence fell to 94.8 points in August from 97.5 points in July.
Munich-based Ifo said that manufacturing firms had seen a cooling in the business climate, as had construction and retail companies. "The German economy is encountering an increasingly more difficult situation," Ifo said in the report.
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