Germany's business morale continues to decline amid looming recession
Ifo Business Climate indicator for Germany falls to a 29-month low of 84.3 in October.
The German economy is expected to see a recession in 2023.
Germany's business climate index has dipped to a 29-month low in October, according to a Munich-based research institute.
The Ifo Business Climate Index edged down to 84.3 in October from September's revised reading of 84.4.
"The German economy is facing a difficult winter," the research institute said on Tuesday amid the arriving recession.
The market forecast a larger decrease in the main reading with the index projected to be at 83.8 in the month.
Meanwhile, companies' expectations improved compared to a month ago.
The Ifo Business Expectations Index rose to 75.6 in October, up from 75.3 in September.
READ MORE: Germany will sink into recession, inflation will soar in 2023, govt admits
READ MORE: 'Difficult economic climate': German companies struggle to get loans
Copyright © 2024 TRT World.