FRANKFURT, Nov 24: Germany business confidence dropped in November to its lowest level in more than 15 years, a key index showed on Monday, after Europe’s biggest economy plunged into what could be a long recession.

The monthly business climate index calculated by Munich-based economic research institute Ifo “declined strikingly in November” to 85.8 points from 90.2 in October, a statement quoted Ifo president Hans-Werner Sinn as saying. The last time the index was that low was in February 1993, when it fell to a record low of 84.9 points.

An expectations sub-index for the coming six months meanwhile hit an all-time Ifo low of 77.6 points, or as Commerzbank chief economist Joerg Kraemer put it: “Its lowest level since the oil price shock of 1973.” Other analysts offered similarly grim assessments.—AFP