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German Business Morale Deteriorates Further In October

German business morale fell for the fourth month running in October as supply bottlenecks held back factory output in Europe’s largest economy, a survey showed on Monday.

The Ifo institute said its business climate index fell to 97.7 from an upwardly revised 98.9 in September.

The reading was the lowest since April and undershot the figure of 97.9 in a Reuters poll.

“Supply problems are giving businesses headaches,” Ifo President Clemens Fuest said, adding that capacity utilisation in manufacturing was falling.

“Sand in the wheels of the German economy is hampering recovery.”

The government is expected to slash on Wednesday its forecast for economic growth this year, after leading institutes last week cut their joint forecast to 2.4% from 3.7%. For 2022, the institutes predicted 4.8% growth.
Source: Reuters (Reporting by Michael Nienaber Editing by Riham Alkousaa and Clarence Fernandez)

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