BERLIN (AP) — A closely watched survey shows increasing pessimism among German businesses.

The Ifo Institute said Tuesday its business confidence index dropped to 101 points for December from 102 points in November as managers’ view of both their current circumstances and their prospects for the next six months fell. That’s the fourth drop in a row.

Germany’s economy, Europe’s largest, shrank in the third quarter and there are increasing worries about the effect of multiple issues, like Britain’s decision to leave the European Union and new tariffs from the U.S. administration of President Donald Trump.

The Ifo index is based on some 9,000 survey responses from firms in manufacturing, the service sector, trade and construction.