German business confidence remains flat in May

| May 24, 2011 | 0 Comments

The Munich-based Ifo think tank has revealed confidence among German firms remained flat in May.

The closely-watched Business Climate Index remained unchanged at 114.2 in May, surprising analysts’ who had expected the index to slip to 113.7.

Ifo surveys around 7,000 German manufacturing, construction, wholesale and retail companies each month.

Export demand helped to bring Germany out of recession in the second quarter of 2009 – much sooner than many of its counterparts throughout the world.

Furthermore, the euro zone’s largest economy continues to thrive on the back of surging exports and a rise in company investment.

Germany has, for some time now, been driving the recovery in the euro zone and economic growth of 2.3% is expected this year.

For the 2010 year, Germany posted growth of 3.6% – the strongest pace since reunification in 1990, according to figures from the Federal Statistical Office.

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