German Business Climate Index Falls Hard in June

Berlin, June 24 (QNA) – The German business climate index fell more than expected, data showed Tuesday.

The index fell to 109.7 points in June, the lowest level in six month. It was down from 110.4 points in May. The index was forecast to register a 0.2 point fall in June. The German index’s chief Hans-Werner Sinn said that the crisis in Iraq and Ukraine were the main factors in this month’s decline.

June has not been the strongest month for the German economy so far. Yesterday, Germany’s manufacturing purchasing managers’ index (PMI) rose to 52.4, below the 52.5 expected for the month. PMI was recorded at 52.3 for May. As for the services’ PMI, it declined to 54.8 for June which is a three-month low. May saw a very strong reading of 56. Analysts had expected the index to move slightly down to 55.7 for June. (QNA)

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