Economics
German Business Confidence Fell in May on Greek Concern
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German business confidence fell more than economists forecast in May as speculation that Greece might leave the euro area clouded the economic outlook.
The Munich-based Ifo institute said today its business climate index, based on a survey of 7,000 executives, dropped to 106.9 from 109.9 in April. That’s the steepest decline since August, when the region’s debt crisis spread to Italy and Spain, and below all 37 estimates in a Bloomberg News survey of economists. The median forecast was for a decrease to 109.4.