German business confidence saw a slight dip in August from last month's record high, a survey from the Munich-based Ifo institute said Friday, but still beat analyst expectations.

The closely-watched survey, seen as an indicator of future performance in Europe's powerhouse, fell to 115.9 points after reaching an all-time peak in July.

Analysts surveyed by Factset had expected a steeper decline in morale at 115.7 points.