German business confidence slips after 5 months of rises

German business confidence has declined for first time after five straight monthly increases as coronavirus infections rebound across Europe, a closely watched survey showed Monday.

Ifo institute said its monthly confidence index fell to 92.7 points in October from 93.2 in September. It said that companies' view of ir current situation improved but ir expectations regarding outlook for next sixth months worsened.

Germany, which has Europe's biggest ecomy, is widely viewed as having handled first phase of pandemic well. Its shutdown in spring was relatively mild and short compared with those in some or European countries.

But Germany hasn't been spared sharp rises in new infections seen across Europe in recent weeks. Though confirmed new cases have been rising at record rates, y are t yet rising at anywhere near as fast as some or European countries, such as Britain, France and Spain.

In light of virus’ resurgence, new restrictions have been imposed in some parts of country on everyday life, such as early closing of bars and ded requirements regarding mask-wearing.

Ifo's index is based on monthly responses from around 9,000 companies across ecomy.