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By Rachel More
BERLIN (Reuters) – German business sentiment grew more than expected in December, a survey showed on Tuesday, weighed down by uncertainty for companies in the coming months amid global uncertainty and an industrial slowdown in Europe’s largest economy.
Ifo said its business climate index fell to 84.7 in December from 85.6 revised last month.
Analysts polled by Reuters had predicted a reading of 85.6.
A survey of nearly 9,000 business executives found an improvement in their assessment of the current situation, but expectations showed a surprise drop to 84.4 in December from 87.0 in November. Economists polled by Reuters had predicted a reading of 87.5.
Donald Trump’s re-election as US president, combined with political strife at home ahead of elections in February, has added to the uncertainty at a time when Germany is already battling headwinds.
With the second consecutive year in 2024 just around the corner, next year is expected to bring further challenges as German factories sell off, with big names like Volkswagen (ETR: ) looking to cut production, and consumer sentiment falling on feared jobs. wounds.
