(MENAFN- Saudi Press Agency)
Berlin, Shawwal 20, 1437, July 25, 2016, SPA -- German business confidence fell less than expected in
July despite concerns about the economic fallout from Britain's plan
to exit the European Union, dpa reported.
The Munich-based Ifo institute said Monday that its closely watched business confidence index edged down to 108.3 points this month from 108.7 points in June.
Analysts surveyed by dpa-AFX had expected the indicator to drop to 107.5 in July after a majority of British voters backed leaving the EU in last month's referendum.
But despite the July decline, the Ifo's July reading is its second highest level so far this year. The Ifo indicator is based on a survey of about 7,000 business leaders.
Leading the July fall was a more pessimistic view in German boardrooms of their business prospects six months down the track.
While the Ifo's indicator measuring business expectations fell to 102.2 this month from 103.1 in June, the index gauging current business conditions rose to 114.7 in July from 114.6 in June.
12:18 LOCAL TIME 09:18 GMT
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