Euro Area Crisis Affects German Business
Findings in a recent survey published this Monday, suggest that hopes of German business feel drastically in August, the positive view, they were relying upon fell more than it could have been imagined.
This is another example, which exhibits that the Europe's largest economy counters difficulties arising due to eurozone debt catastrophe. Eurozone is an economic and monetary union (EMU) of 17European Union (EU) member states that have adopted the euro (€) as their common currency.
The figures revealed highlighted that the Ifo index, which accounted to 103.2 in July, fell to 102.3 points in the month of August. Market analysts affirmed that they were expecting a fall, but not this much, they were expecting it to be ending at 102.6 points.
Economists were notifying that the debt crisis in the 17-country euro area, would surely be affecting even Germany. The country has been reported have done fairly better than monetary union on a whole. However, currently, the economy is burdened with the crisis due to the government debt and recessions occurred in several countries.
However, the country managed to grow by a minor margin of 0.3%, in second quarter, but is still to tackle its unemployment problems.
Ifo President Hans-Werner Sinn said, “Enterprises are increasingly pessimist about their business development. The Germany economy is weakening further”.
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