German, Italian, French Businessmen Express Lack Of Confidence In Top 3 EU Nations

Brussels, Belgium (AHN) - Business leaders surveyed from the top three European Union economies showed dipping business confidence. Their bearish outlook was attributed to the strength of the euro, continuous inflation, worries about increasing interest rates and the global economic slowdown.

The German Ifo business confidence index dropped to 97.5 in July from 101.2 in June, while France's index dipped to 98 in July from June's 101. For France and Germany it was a three-year low.

But the situation is worse in Italy where the index has fallen at a 7-year low at 83.5 points. The ISAE Research Institute in Rome said the economic deterioration in Italy is evident across all industrial sectors and around the nation. Consumer confidence in Italy had a worse showing with a 15-year low index.

Across the euro zone, factory orders decreased by 3.5 percent in May, according to data disclosed Wednesday following a 16-year record fall of industrial production.