German business confidence deteriorated for the second consecutive month but remained at an overall high level, a survey showed on Thursday, suggesting that Europe's biggest economy will continue its solid upswing in the next months.
The 11-month low reading undershot expectations in a Reuters consensus forecast of analysts who had predicted a dip to 114.8.
The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, fell to 114.7 from 115.4 in February.
"The threat of protectionism is dampening the mood in the German economy," Ifo chief Clemens Fuest said.
This comes at a time when a major Trade war is expected due to tariffs imposed by US President Donald Trump.
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