Frankfurt: Confidence among German business leaders dipped slightly in September but remained strong, a closely-watched survey said Monday, as Europe´s export powerhouse nervously eyes an escalating trade war between the United States and China.
The Munich-based Ifo institute´s monthly barometer slipped to 103.7 points from 103.9 the previous month, when the index hit its highest level since February. The reading beat expectations, with analysts surveyed by Factset predicting a steeper drop in morale.
"Despite growing uncertainty, the German economy remains robust," Ifo chief Clemens Fuest said in a statement. Companies´ assessments of both their present economic situation and future expectations fell back somewhat but "remain at a high level", he added.
Manufacturers were most pessimistic about the current economic situation, the survey found, but the mood was buoyant among construction firms which reported "a steady stream of incoming orders".
Joerg Zeuner, chief economist of KfW Group, said September´s small drop in sentiment was realistic given the trade tensions sparked by US President Donald Trump´s "America First" policies. "A domestic economy that continues to be strong is set against a somewhat stuttering demand from abroad," Zeuner said.
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