German business less confident
BERLIN - The Associated PressA closely-watched survey shows business confidence in Germany is falling as concerns grow over the 17-country eurozone’s struggles with economic and financial turmoil over too much debt.
The Ifo institute survey of business executives released Thursday dropped to 106.9 points in May from 109.9 points in April â€” a larger drop than analysts had been predicting.
The drop came even though Germany’s own economy is doing relatively well, and expects moderate growth this year.
Ifo president Hans-Werner Sinn says “the German economy is being influenced recently by the growing uncertainty in the eurozone.” Ifo’s results are based on a monthly survey of some 2,500 companies.