German business confidence deteriorated for the third straight month in July, a monthly survey conducted by the ifo institute showed on Tuesday.
The business climate index fell to 87.3 in July from 88.6 in the previous month. The expected score was 88.0.
"The situation in the German economy is turning bleaker," said ifo President Clemens Fuest.
Companies were notably less satisfied with their current business. Expectations were also lower, the survey showed. The current situation indicator posted 91.3 in July compared to 93.7 a month ago. The score was also below economists' forecast of 93.0. The expectations index dropped moderately to 83.5 from 83.8 in June. The reading was forecast to ease to 83.4.
