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3 years ago
Ukraine and Iraq undermine German business morale -Ifo economist
June 24, 2014 / 8:36 AM / 3 years ago

Ukraine and Iraq undermine German business morale -Ifo economist

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MUNICH, June 24 (Reuters) - German business is worried about the Ukraine crisis and possibly the insurgency in Iraq as well, Ifo economist Wohlrabe said on Tuesday after the Munich-based think-tank's business climate index for June showed a sharper-than-expected drop.

Wohlrabe said German economic growth would be significantly weaker in the second quarter, at about 0.3 percent, but full-year growth would still be stronger and consumer activity in Germany remained strong and stable.

The European Central Bank's decision to cut interest rates to record lows and pump money into the euro zone economy had no impact on Germany and had been largely expected, he said. (Reporting by Irene Preisinger in Munich; Writing by Stephen Brown in Berlin)

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