Business sentiment in Germany was seen to be weakening somewhat in the month of December after reaching record highs in the previous months.

The survey showed that business expectations were less optimistic, data from the Ifo institute showed last week.

According to the report, Germany’s business sentiment index fell to 117.2 points in December.

The previous month’s reading was revised to 117.6 according to the survey conducted among over 7000 firms in Germany.

It was below expectations as economists were forecasting that Germany’s Ifo business sentiment would remain stable near the current highs.

Against the expectations of 117.6, the index weakened to 117.2. However, the decline in the business sentiment was brushed aside as the Ifo President, Clemens Fuest said that German businesses were in the festive spirit.

According to the data, the assessment of current business situation was more positive but business expectations weakened compared to the previous month.

The current conditions indicator was seen rising to 125.4 in December which higher than November’s 124.5.

The expectations index was seen at 109.5 which was below forecasts of 110.8 and down from November’s reading of 111.0.

Despite the decline in the Ifo business index, economists are hopeful that Germany will close the year with a record pace of growth in the GDP.

The euro currency was little changed after the report was released.