The business climate across Germany worsened in May compared to the previous month, according to a report published by the Ifo Institute for Economic Research on Wednesday, with two out of three key indicators declining past market expectations.
The business climate index slid to 91.7 points this month, marking the first decline after six consecutive increases and the largest one since Russia's invasion of Ukraine, while the current assessment index fell to 88.6 points. On the other hand, the expectations index rose to 94.8 points.
Businesses across Germany are skeptical about the upcoming summer, Ifo President Clemens Fuest warned.
