The ifo German business sentiment index decreased to a seven-year low in August

The German business sentiment index of the Ifo Economic Research Institute fell more than expected, to a nearly seven-year low, in August as another sign of a deepening trade debate pushing the largest European economy into recession.

The Munich-based institute said on Monday that the index fell from 95.8 points in July to 94.3 points, the lowest since November 2012.

Analysts were expecting a slight decline, expecting the business sentiment index to fall to 95.1 points. The index stood at 106.9 points in August last year and 107.6 points in September, but has been steadily declining since then. (MTI)