But Hans-Werner Sinn, head of the Ifo economic research institute at Munich University, is much more upbeat.

BBC: German truck maker MAN cuts shifts

Companies were feeling slightly happier about current conditions, but gloomier about longer-term prospects, Ifo president Hans-Werner Sinn said.

BBC: NEWS | Business | German confidence at two-year low

Businesses in Germany "anticipate a clear revival in exports, " said Hans-Werner Sinn, president of the Ifo Institute for Economic Research at the University of Munich.

FORBES: Europe Markets Brief