Berlin - German business confidence fell sharply in April, a key survey released Thursday showed, as concerns grew about the impact on Europe's biggest economy of surging oil prices and a soaring euro.

The Munich-based Ifo economic institute said its monthly index of 7,000 German executives slipped by more than forecast to 102.4 this month from 104.8 points in March, consequently bringing to an end three straight increases in the indicator.

Analysts had predicted that the Ifo would slide to 104.3 in April.

This month's drop in the closely-watched index came in the wake of a rising euro and skyrocketing energy costs. While the euro this week climbed to an all-time high of more than 1.60 dollars, oil prices hit a record just short of 120 dollars a barrel. (dpa)