Surging energy costs, the strong euro and a sense of growing uncertainty among consumers have combined to undercut the mood among German companies, a survey released Monday, June 16 showed.
The strong euro is one factor driving confidence down
"The upswing will lose significant drive in the coming 12 months," said Germany's Chamber of Industry and Commerce, releasing their latest survey.
Of the group's around 20,000 member companies, only 23 percent expect the economic outlook to improve. This compares with the start of the year when 26 percent of those surveyed said they expected improved business conditions in the coming months.
However, the chambers' members are not expecting any dramatic slump in economic growth thanks to continuing solid demand for German exports.