German business confidence is down for a third month in a row amid ongoing concerns about the economic impact of the crises in Ukraine and Iraq.
The closely-watched Ifo Institute survey fell to 108 points in July from 109.7 points in June. Economists had widely been expecting a slight rise over June's figure.
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The institute said Friday that businesses' assessment of their current situation fell to 112.9 points from 114.8 the previous month, while their expectations for the future fell to 103.4 from 104.8.
The Ifo survey is based on monthly responses from about 7,000 companies.