FRANKFURT, Germany (AP) — A closely watched survey says German business optimism took a dip in September ahead of federal elections and amid concerns about a stronger euro.

The Ifo business climate indicator fell to 115.2 points from 115.9 in August.

Stephen Brown, European economist at Capital Economics, says the stronger euro may have weighed on sentiment. A stronger currency can hurt a country's exports. The euro has risen to around $1.20 from $1.05 at the start of the year.

Nonetheless, the survey result remains well above the long-term average since 1991 of 102.1 as Germany enjoys steady growth and low unemployment.

The survey published Monday by the Munich-based Ifo institute is a leading indicator, meaning it is intended to give a sense of where the economy is going in coming months.