German business confidence drops 6th straight month on ongoing geopolitical concerns

Economic IndicatorsAssociated Press

Business confidence in Germany, Europe's largest economy, has dropped for a sixth consecutive month as concerns over the turmoil in Ukraine and elsewhere continue to take their toll.

The Ifo institute said Monday that its confidence index dropped to 103.2 points in October from 104.7 in September, as business leaders' assessments of their current situation and their expectations for the next six months both fell.

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The government and independent economists have cut their growth forecasts for Germany after a string of disappointing industrial data for August. Economists warn if international crises escalate or Africa's Ebola outbreak spreads the impact could become greater.

Ifo's survey is based on responses from about 7,000 companies in various sectors.