German business confidence fell to its lowest level in more than a year in August, declining for the fourth-consecutive month on concerns about the impact of the crises in Ukraine and the Middle East, a survey released Monday showed, according to dpa. The Munich-based Ifo economic institute said its closely watched indicator of Europe's biggest economy dropped more than forecast to 106.3 from 108 in July. Analysts had expected a decline to 107. "The German economy continues to lose steam," Ifo president Hans-Werner Sinn said. Based on a monthly survey of 7,000 companies, the survey now stands at its lowest level since July 2013. The German economy went into reverse in the second quarter, contracting by a more-than-forecast 0.2 per cent when compared with the first quarter, according to data released by the Federal Statistics Office this month.
