German business morale falls to lowest level since 2012 in August

German business sentiment deteriorated more than expected in August to hit its l...

BERLIN - German business sentiment deteriorated more than expected in August to hit its lowest since November 2012, a survey showed on Monday, in a further sign that escalating trade disputes are pushing Europe’s largest economy toward a recession.

Germany’s export-reliant manufacturers are struggling with weaker foreign demand, tariff disputes sparked by U.S. President Donald Trump’s ‘America First’ policies and business uncertainty linked to Britain’s decision to leave the European Union. “There are ever more indications of a recession in Germany,” Ifo President Clemens Fuest said in a statement. Companies were much less satisfied with their current situation and their pessimism about the coming months also increased, he added.

The Ifo survey followed Markit’s survey of purchasing managers released on Thursday that showed Germany’s private sector continued to struggle in August as a manufacturing recession dragged on and activity in the services sector eased slightly.

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