April 24, 2020 / 8:20 AM / a month ago

German business morale plummets to record low on virus impact

BERLIN, April 24 (Reuters) - German business morale crashed in April in its most dramatic fall on record and hit its lowest reading ever as the coronavirus crisis strikes Europe’s largest economy “with full fury”, a survey showed on Friday.

The Ifo institute said its April survey showed that its business climate index slumped to 74.3 from a downwardly revised 85.9 in March. A Reuters poll of economists had pointed to a fall to 80.0.

“Sentiment at German companies is catastrophic,” Ifo President Clemens Fuest said in a statement. “The coronavirus crisis is striking the German economy with full fury.” (Writing by Paul Carrel Editing by Michelle Martin)

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