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German business confidence in surprise rise in June

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by Kay Mitchell
”German

The Munich-based Ifo think tank has revealed confidence among German firms unexpectedly rose in June.

The closely-watched Business Climate Index grew to 114.5 in June from May’s reading of 114.2, confounding analysts’ expectations of a fall to 113.4.

The index is now close to a record high of 115.4 recorded earlier this year.

However, a sub-index on expectations edged lower to 106.3 from 107.4 in May, suggesting that the momentum is set to weaken in the short-term.

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

Commenting on the data, Ifo President Hans-Werner Sinn said: “Although their business expectations are again somewhat less optimistic, the firms remain confident. The German economy is experiencing a robust upswing.”

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.

Economic growth of 3.1% is expected this year – after a record 3.6% last year.

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News posted: June 24, 2011

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