German business confidence deteriorated to a record low in February after showing slight improvement in January, a survey showed Tuesday.
A monthly survey from the Munich-based Ifo Institute for Economic Research revealed that business confidence in the largest Eurozone economy fell to 82.6 in February from 83 in the prior month. This was the lowest reading since the survey began in 1991. Economists were expecting the indicator to remain unchanged at 83.
The Ifo Business Climate Index is based on 7,000 monthly survey responses of firms engaged in manufacturing, construction, wholesaling and retailing.
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