German business confidence deteriorated more-than-expected in April, the Ifo Institute reported Tuesday.
The business sentiment index fell to 102.1 from 103.3 a month ago. The score was forecast to drop moderately to 102.8.
The indicator for the current business situation fell and expectations also deteriorated. The German economy is slowing down, Clemens Fuest, Ifo President said.
The current situation index came in at 105.7, down from 106.6 in March. The expected score was 106.5.
Likewise, the expectations index fell to 98.7 in April from 100 in the previous month. The reading was seen at 99.5.