Page last updated at 10:19 GMT, Monday, 24 November 2008

German business confidence dives

Retail and services in Germany have been hit by the downturn

Business confidence in Germany fell in November to the lowest level since 1993, according to the key Ifo economic climate index.

The index, based on a poll of 7,000 companies, has dropped for six consecutive months, the Munich-based Ifo institute said.

The index stands now at 85.8, down 4.4 points from October.

"The downturn has worsened and will now have an impact on the labour market", Ifo said in a statement.

Germany's exports have been hard hit by falling demand worldwide, with some auto makers seeking state help to maintain production.

On Friday another key indicator, the Markit purchasing managers' index, revealed that business activity in the 15 countries sharing the euro had fallen in November to a ten-year low.

The index showed that the deterioration in economic climate was felt by all sectors, with output, new orders, outstanding business and purchasing activity all falling to record lows.

Print Sponsor

Eurozone business activity falls
21 Nov 08 |  Business
Eurozone officially in recession
14 Nov 08 |  Business
Pay deal averts strike in Germany
12 Nov 08 |  Business
Eurozone services signal slowdown
03 Oct 08 |  Business
Fall in eurozone retail sales
05 Nov 08 |  Business
Credit crunch has 'mixed' effect
24 Jun 08 |  Scotland

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Sign in

BBC navigation

Copyright © 2019 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific