Posted 1/26/2024, 2:01:01 AM
Germany Slides Toward Recession as Business Outlook Darkens Again
- Ifo business climate index for Germany dropped unexpectedly for the second straight month in January to 85.2
- Retail, construction, and service sectors all saw worsening outlooks, though industrial confidence rose slightly
- Analysts see the drops as more evidence that Germany is in recession
- Inflation, energy prices, weak foreign demand, supply chain issues are weighing on the economy
- Forecasts of 0.3% GDP contraction in 2023 would mark first back-to-back annual recessions for Germany since early 2000s