Germany's Ifo business confidence index fell suddenly in July as supply chain concerns persisted and coronavirus infections rose.
According to Arabiya Net, the Ifo Institute said its business climate index fell to 100.8 from 101.7 after the adjustment in June. A Reuters poll indicated a reading of 102.1 in July.
Germany's economy contracted more than expected by 1.8% on a quarterly basis in the first three months of the year, as coronavirus-related restrictions stifled private consumption in Europe's largest economy .
The Federal Statistics Office said gross domestic product shrank 3.1% year-on-year.
A Reuters poll had indicated a 1.7% quarter-on-quarter contraction in the first quarter, 3% year-on-year after adjustment.
