Confidence among German business leaders continued to ebb in November, a closely-watched survey showed Monday, as Europe's largest economy confronts slowing growth and rising risks from abroad. Based on a poll of around 9,000 firms, the Munich-based Ifo institute's monthly barometer fell to 102.0 points, down 0.9 points from October.
It was the third slip in a row for the survey, which is widely tracked by economists and investors. "Sentiment among German businesses weakened further this month," Ifo chief Clemens Fuest said in a statement, adding that "the German economy is cooling down" from a period of strong growth seen last year and in the second quarter of 2018.
Companies reported a weaker assessment of the current business climate and lower expectations for the coming months than in October. Observers have pointed to a string of one-off factors that have slowed output in Germany in recent months, from new emissions tests proving a bottleneck for the crucial car industry to low water levels in the Rhine river slowing shipping. External risks have also grown for the export powerhouse, with transatlantic trade still a bone of contention with US President Donald Trump and risks of a no-deal Brexit far from banished - despite EU leaders offering their blessing to a draft agreement at the weekend. And in the eurozone there is still no resolution to a Brussels-Rome showdown over the Italian budget.