German IFO Business Climate Index plunges to 88.6 in July

The headline German IFO Business Climate Index plunged to 88.6 in July versus last month’s 92.2 and the consensus estimates of 90.5.

Meanwhile, the Current Economic Assessment dropped to 97.7 points in the reported month as compared to June’s 99.4 and 98.2 anticipated. The IFO Expectations Index – indicating firms’ projections for the next six months, fell sharply to 80.3 in July from the previous month’s 85.5 reading and the market forecast of 83.0.