FXstreet.com (Barcelona) - German business climate index has suffered its sixth consecutive decline in October, weighed by a worse than expected performance of exports, according to the latest report by the Ifo Institute.

The business index decreased to 103.9 in October from 104.2 in September, a higher than the 103.7 reading expected by the market. Most of the 7,000 companies surveyed shared less optimistic views about the economic outlook than in the previous month, but the institute points out that the reading is still above the long term average.

According to the report the long term assessment on business has not deteriorates thus the report concludes that the economic upswing will continue, although at a slower pace.

Business climate remains sable in the manufacturing sector with a somewhat weakened optimism about exports that leads to a weaker propensity on hiring. On the construction sector, business assessment remains largely unchanged, while the wholesale sector has suffered a more serious cooling of business expectations, after some improving in September.