Contrary to expectations, the German business climate deteriorated further in September. This was shown on Monday by figures from the research institute Ifo.

The Ifo index for the German business climate for industry and trade fell from a revised 88.6 in August to 84.3 this month. This is the lowest level since May 2020.

Economists had previously expected an index increase to 87.1.

The sub-index for the current situation was 94.5 and for the future development the sub-index was 75.2. A decrease in both cases, but the one for the future fell the most.