German business morale fell unexpectedly in January, hitting its lowest level since September, a survey showed today.
The fall was a sign that company executives were less upbeat about the growth prospects of Europe's largest economy at the start of 2017.
The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, fell to 109.8 from 111 in December.
The January reading compared with a Reuters consensus forecast for a value of 111.3.
"The German economy made a less confident start to the year," Ifo chief Clemens Fuest said in a statement.
He added that companies expressed greater satisfaction with their current business situation, but were less optimistic about their six-month business outlook.
