Business confidence in Germany surprisingly weakened in January according to survey results from the Ifo Institute, a research group based in Germany. The business confidence index dipped to 85.2 in January from 86.3 in December, counter to the predicted increase to 86.7.
Clemens Fuest, president of the Ifo Institute, commented, "The German economy is stuck in recession." Companies evaluated their current situation as having deteriorated and their expectations for the upcoming months were more pessimistic than before. The current situation index landed at 87.0, a decrease from 88.5 the previous month. Similarly, the expectations indicator saw a decline, going from 84.2 to 83.5 in January.
