By Maria Martinez
BERLIN (Reuters) -German business morale unexpectedly fell in November, a survey showed on Monday, as companies lose hope on a recovery of the German economy following two years of contraction.
The Ifo institute said its business climate index fell to 88.1 in November from 88.4 in October.
Analysts polled by Reuters had forecast a slight increase to 88.5.
“Companies have little faith that a recovery is coming anytime soon,” said Ifo president Clemens Fuest.
There was a decline across all sectors with the exception of services, where there was a small improvement.
On the other hand, companies assessed their current situation as somewhat more positive, Ifo said.
(Reporting by Maria Martinez, Editing by Miranda Murray)
