German economy heads for doldrums as business morale dips again: Ifo [CNBC]
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Source: CNBC
German economy heads for doldrums as business morale dips again: Ifo VIDEO 1:54 01:54 Monetary policy won't save Germany's cooling economy: Ifo president Street Signs Europe German business morale deteriorated for the third month in a row in June, a survey showed on Monday, adding weight to expectations that Europe's largest economy contracted in the second quarter. "This year will be weak, and next year we would expect manufacturing to stabilize," Ifo President Clemens Fuest told CNBC's " But, he added: "Currently we have no data suggesting that the turnaround in manufacturing is already happening." A worker at the Siemens gas turbine factory on January 8, 2010 in Berlin, Germany. Sean Gallup | Getty Images The services sector has been providing impetus as manufacturing shrinks. The Bundesbank said this month it expects the economy to contract slightly in the second quarter after an expansion of 0.4% between January and March. After nine successive years of growth, Germany is stru
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