Jul 25, 5:11 AM EDT

A closely watched index of German business optimism has declined in July following Britain's vote to leave the European Union

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For years, the British government bragged about the country's economic performance, contrasting it with the eurozone, which was struggling with financial crises and stagnation

Official figures show Britain's economy grew faster than expected in the second quarter _ which mostly pre-dates the vote to leave the European Union _ with expansion across services, particularly in retailing and auto manufacturing

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A closely watched index of German business optimism has declined in July following Britain's vote to leave the European Union

Global finance officials promised Sunday to protect the world economy from the shockwaves of Britain's European Union referendum and to boost sluggish growth

Britain's economy appears to be shrinking at its fastest pace since the global financial crisis as a result of the vote to leave the European Union, but the rest of the region is holding up well, surveys showed Friday

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BERLIN (AP) -- A closely watched index of German business optimism declined only slightly in July following Britain's vote to leave the European Union.

The Ifo institute's business climate index published Monday sunk to 108.3 points from 108.7 in June. The index combines the views of business executives on how things are now and on how they see the coming months.

Market analysts had expected a sharper decline in the mood in Europe's biggest economy.

Carsten Brzeski, chief economist at ING-DiBa in Frankfurt, said "German businesses do not seem to be extremely shocked by the British Brexit vote."

He noted that a sharper reaction might follow in the coming months, though, and "it is in our view too early to regard the Brexit-vote as a non-event for economic sentiment in Germany."

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