Confidence among German business leaders continued to ebb in November, a closely-watched survey showed today, as Europe's largest economy confronts slowing growth and rising risks from abroad.
Based on a poll of around 9,000 firms, the Munich-based Ifo institute's monthly barometer fell to 102 points, down 0.9 points from October.
It was the third slip in a row for the survey, which is widely tracked by economists and investors.
"Sentiment among German businesses weakened further this month," Ifo chief Clemens Fuest said in a statement.
He added that "the German economy is cooling down" from a period of strong growth seen last year and in the second quarter of 2018.
Companies reported a weaker assessment of the current business climate and lower expectations for the coming months than in October.
Observers have pointed to a string of one-off factors that have slowed output in Germany in recent months, from new emissions tests proving a bottleneck for the crucial car industry to low water levels in the Rhine river slowing shipping.
External risks have also grown for the export powerhouse, with transatlantic trade still a bone of contention with US President Donald Trump and risks of a no-deal Brexit far from banished.
This is despite EU leaders offering their blessing to a draft agreement at the weekend.
Nevertheless, economist Joerg Zeuner of public investment bank KfW was relaxed about the Ifo result, commenting that on a longer perspective "the climate level is still good."
"Germany is continuing to grow unexcitedly and the dip in growth in the third quarter is quickly being overcome," he added.
