IFO's business confidence in Germany dropped for a third month in July to its lowest level in two years. The Ifo economic institute's closely watched business climate index dropped to 103.3 points in July from 105.2 points in June.The business climate in manufacturing deteriorated significantly. More specifically, manufacturers assessed their current business situation much less favourably than last month. Capacity utilisation was clearly lower. In terms of the business outlook manufacturers' expectations also fellconsiderablyHowever, developments in retailing offer a ray of hope, as the business climate indicator continued to rise at this level of trade. Retailers assessed both their current business situation and their six-month business outlook more favourably.
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