German Ifo business falls less than expected in August

BERLIN, Aug 24 (Reuters) - German business confidence deteriorated slightly in August after hitting three record highs in a row, a survey showed on Friday, suggesting that a consumption-led upswing in Europe's largest economy could have reached a plateau.

The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, edged down to 115.9 from 116.0 in July. The reading compared with a Reuters consensus forecast for a value of 115.5.

"Germany's economy remains on track for growth," Ifo chief Clemens Fuest said in a statement.

The drop was due to firms taking a slightly less positive assessment of the current business situation while managers' business outlook for the next six months improved against the trend, the survey showed. (Reporting by Michael Nienaber; Editing by Paul Carrel)