(MENAFN- AFP) German business confidence fell in July in the first reading of companies' mood since Britain's June vote to quit the European Union, the Ifo economic institute said on Monday.
The Ifo institute's closely-watched index fell to 108.3 points in July from June's figure of 108.7, which had been based on data collected before the Brexit referendum.
Falling confidence was due to "far less optimistic business expectations on the part of companies," Ifo head Clemens Fuest said in a statement.
Analysts had forecast a decline in July as uncertainty over the consequences of Brexit begins to make itself felt.
Ifo calculates its headline index on the basis of companies' assessments of the current business environment and the outlook for the next six months.
The sub-index measuring current business hit 114.7, an increase of 0.2 points over June's reading.
But the figure for companies' future outlook dropped, falling 0.9 points to 102.2.
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