German business confidence deteriorated for the third straight month to hit an eight-month low in July, signaling another quarter of economic contraction and a prolonged recession this year.
The business climate index fell to 87.3 in July from 88.6 in the previous month, a monthly survey conducted by the ifo institute showed on Tuesday. The expected score was 88.0.
"The situation in the German economy is turning bleaker," ifo President Clemens Fuest said.
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