Investing.com - German business confidence deteriorated in April, according to survey data released on Tuesday.
The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of companies, fell to 102.1 from 103.03 in March.
The reading was below economists’ expectations for 102.08.
Businesses assessed the current situation worse, with the sub-index falling to 105.7 from 106.6 the previous month. Their expectations also dropped to 98.7 from 100.0 in March.
The Ifo institute changed the way it calculates its business climate indicator in April to rebase the index and include responses from the services sector.
Services account for approximately 60% of the German economy. The index was previously based on manufacturing, construction, wholesaling and retailing.
The changes meant that the reading for March was updated from the previous reading of 114.7 to 103.3 under the new methodology.
The index base year was changed to 2015 from 2005.