The data provided by the ifo Institute showed that in November, the German business climate index was 96.5 points compared with 97.7 points in October. Economists predicted that the index would be 96.6 points. The drop in the index in November - the fifth in a row - was due to chain disruptions and an increase in coronavirus cases. The ifo Institute reported that companies were less satisfied with their current business and were more skeptical about the coming months.
Meanwhile, the current conditions index dropped to 99.0 points from 100.1 points in the previous month. The last value coincided with the forecasts of experts. The data also showed that the index of companies' expectations for the next six months fell to 94.2 points in November, compared with 95.4 points in October. Economists had expected the index to drop only to 95.0 points.