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German business confidence rises again
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Business confidence in Germany is continuing to rise, albeit slowly, suggesting that the burgeoning recovery in Europe’s biggest economy is on track even if it could prove sluggish, data showed yesterday.
The Ifo economic institute’s closely watched business climate index rose for the fifth month in a row in September, inching up to 107.7 points from 107.6 points in August.
That is the highest level since April 2012, even if it fell slightly short of analysts’ expectations for a reading of around 108 points this month.
“The Ifo business climate index rose for the fifth time in succession,” said the think-tank’s economist Kai Carstensen.
“Although companies assessed their current business situation slightly less favorably, their business expectations were once again more optimistic. The German economy made a confident start to the autumn,” Carstensen said.
Ifo calculates its headline index on the basis of companies’ assessments of their current business and the outlook for the next six months.
The sub-index measuring current business slipped to 111.4 points in September from 112 points in August, while the outlook sub-index rose to 104.2 points from 103.3 points.
“The further rise in German Ifo business sentiment confirms that the economy is recovering, but we continue to expect growth to be reasonably sluggish,” said Capital Economics economist Ben May.
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