German trading sentiment at lowest level since May 2020

A woman wearing a protective mask walks past the horizon of the Financial District during sunset as the spread of the coronavirus disease (COVID-19) continues in Frankfurt, Germany, October 26, 2020, REUTERS/Kai Pfaffenbach/

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BERLIN, Sep 26 (Reuters) – The German economy is headed for a recession, the Ifo Institute said on Monday, as it reported a decline in business morale since the early stages of the COVID-19 pandemic. Has not been seen.

The Ifo Institute said its business climate index fell to 84.3, a more severe drop than economists forecast at 87.0 according to a Reuters poll.

The reading for August was revised upward slightly from 88.5 to 88.6.

The IFO said the Business Climate Index hit its lowest level since May 2020 in September.

The slowdown was visible in all four sectors of the German economy, according to the institute, which said that pessimism had increased significantly in the coming months.

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Reporting by Rachel Morey and Miranda Murray

Our Standards: Thomson Reuters Trust Principles.

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