Frankfurt, Germany (4E) – Business confidence in Germany fell more than anticipated in June, according to a survey released Tuesday, but economists still expects Germany’s domestic economy to outperform other euro zone economies.
The lead indicator by Ifo Institute stood at 109.7 in June, missing estimates by economists surveyed by the Dow Jones Newswires who called for a decline of 110.2 from the previous month’s 110.4.
The subindex for manufacturing declined to 15.7 in June from May’s 19.0, but the gauges for retailing, wholesaling and construction all climbed.
A separate report released Tuesday showed Germany posted a robust growth. Inflation-adjusted wages in the country rose 1.3 percent in the first quarter on year, according to the country’s federal statistics office, the highest rise since the second quarter of 2011.
Most observers believe that the German economy will expand by around 2 percent this year, far outperforming other economies in the euro area.