German business confidence is declining to a record low

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Source: Berlin – Reuters

On Friday, a survey showed that German business confidence collapsed in April, recording the largest recorded decline to the lowest reading ever, while the crisis of the Corona Virus hit Europe’s largest economy at its fullest.

The Ifo institute said its April survey showed that its business climate index had fallen to 74.3 from an average level down at 85.9 in March. A Reuters poll of economists indicated a drop to 80.0.

“The morale of German companies is catastrophic … the crisis of the Corona virus is hitting the German economy with its full severity,” said Clemens-Fehost, head of the institute.







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