BERLIN, March 22 (Reuters) - German business confidence deteriorated for the second consecutive month but remained at an overall high level, a survey showed on Thursday, suggesting that Europe’s biggest economy will continue its solid upswing in the next months.
The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, fell to 114.7 from 115.4 in February.
The 11-month low reading undershot expectations in a Reuters consensus forecast of analysts who had predicted a dip to 114.8.
“The threat of protectionism is dampening the mood in the German economy,” Ifo chief Clemens Fuest said. (Reporting by Michael Nienaber,)