March 22, 2018 / 9:09 AM / a year ago

German business morale falls to 11-month low - Ifo

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,)

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