German Ifo business falls less than expected in August

Sean Gallup | Getty Images News | Getty Images

Visitors ride bicycles past the Reichstag, seat of the German parliament, the Bundestag, on July 13, 2015 in Berlin, Germany.

The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, edged down to 115.9 from 116.0 in July. The reading compared with a Reuters consensus forecast for a value of 115.5.

“Germany’s economy remains on track for growth,” Ifo chief Clemens Fuest said in a statement.

The drop was due to firms taking a slightly less positive assessment of the current business situation while managers’ business outlook for the next six months improved against the trend, the survey showed.

Follow CNBC International on Twitter and Facebook.