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Business confidence in Germany deteriorated further in September, falling for the fifth consecutive month, according to data from the Ifo Institute.

The institute's index for September fell to 85.7 from 85.8 in August compared to a forecast of 85.2.

"The German economy is 'swallowing water,'" said Ifo President Clemens Füst.

According to the institute, German companies in September are still little satisfied with the economic situation, but instead their pessimism about the coming months begins to decline.

In the services sector, the index fell for the sixth consecutive month, while in the industrial and trade sectors the index grew slightly.

Commission proposes changes to rules on electronic payments

In the construction sector, the index fell to its lowest level since January 2009, BTA reported.

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