German business confidence has slipped this month, pointing to an economic slowdown in the months ahead – but no dramatic deceleration after recent robust growth.

The Munich-based Ifo institute’s business climate indicator fell from 105.6 in July to 105.0 this month. That was stronger than expected and German business remained as upbeat as last month about the current business situation. “The German economy is still in a good condition,” said Gebhard Flaig, an Ifo director.