Germany's business outlook still gloomy as economy stagnates

Germany's business outlook held at its lowest level since February highlighting the gloom once again engulfing Europe's biggest economy after a rebound earlier in 2024 fizzled out.

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The Ifo Institute's expectations gauge dipped to 86.8 in August from a revised 87 in July, beating the 85.8 seen by analysts in a Bloomberg poll.

A barometer of current conditions also declined.

"The German economy is increasingly falling into crisis," Ifo president Clemens Fuest said on Aug 26 in a statement.

He noted that expectations worsened in both manufacturing and services.

Speaking later to Bloomberg Television, he said that the economy “has been stuck in stagnation for some time and this is getting worse - that's what the data is telling us".