The ifo Business Climate Index fell to 102.8 points in October from 103.7 points in September. Firms were less satisfied with their current business situation and less optimistic about the months ahead. Growing global uncertainty is increasingly taking its toll on the German economy.

In manufacturing the index fell significantly due to markedly less optimistic business expectations. Assessments of the current business situation fell to their lowest level since March 2017. Incoming orders continued to decline. Capacity utilisation fell by 0.5 points to 87.1 percent.

In the services sector the business climate deteriorated due to far less favourable assessments of the current business situation. Business expectations, by contrast, were upwardly revised somewhat.