German Business Confidence Tumbles in April

New pessimism in Europe's biggest economy

German business confidence posted a steeper-than-expected decline in April, a closely watched survey showed on April 24, pointing to new pessimism in Europe's biggest economy.

The business climate index, calculated each month by the Munich-based economic research institute Ifo, dropped to 102.4 points.

Economists polled by Thomson Financial News had forecast the index would fall to 104.3 after unexpectedly rising to 104.8 in March, weighed down by an economic slowdown and the strong euro.

For its monthly survey, Ifo polls 7,000 companies about their assessment of current business and their expectations for the next six months. It is considered the most reliable barometer of the current state of the German economy and its outlook.

Copyright Agence France-Presse, 2008

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