German business morale fell in July, a survey showed on Monday, suggesting company executives in Europe's largest economy have become less optimistic since Britain voted to leave the European Union.
The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, fell to 108.3 in July from 108.7 in June. That was stronger than the Reuters consensus forecast for a reading of 107.5.
"This was due to far less optimistic business expectations on the part of companies. Assessments of the current business situation, by contrast, improved slightly. The German economy proves resilient," Ifo head Clemens Fuest said.