German business climate drops to 2009 low

The mood in the German business community deteriorated significantly in March amid concerns about the coronavirus. Ifo's preliminary business climate index in Germany fell to 87.7 points from 96 points in February. Such indicator showed a decline to its lowest level since August 2009.

The index of current assessment of the economy of Germany fell to 93.8 points from 99 points, and the index of measuring expectations for the next six months fell to 82 points in March from 93.2 points a month earlier. Such figures suggest that the German economy is accelerating towards recession.