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MUNICH, May 3 (Xinhua) -- The Ifo index for economic climate in the euro area continue to weaken, research institute Ifo said in a report on Tuesday.
The quarterly released index declined to 112.7 points from 118.9 points in last quarter, but it remains above its long-term average, the report noted.
According to the survey results, the economic climate deteriorated due to both less favorable assessments of the current economic situation and slightly more skeptical business expectations.
"Economic growth will reach 1.6 percent this year... There are still no signs of a sweeping economic recovery in the euro area," said Clemens Fuest, president of the Munich-based institute.
In addition, the report said that the six-month economic outlook is slightly less positive in most countries than last quarter, and that the dynamic of the economic upswing is to remain moderate.
Economic experts expect the inflation rate to rise to 0.8 percent in the euro area this year.
Ifo is one of Europe's leading research institutes. Its business climate index is considered among the most important barometers for the German economy.