Index of German business mood rises
Print Edition
A CLOSELY watched index of German business optimism rose more than expected in August, underlining improving growth prospects for the struggling euro area.
The Ifo index released yesterday rose to 107.5 from 106.2 in July. Market analysts had expected 107.
The increase in the index — the fourth monthly rise in a row — is a further sign of Germany’s improving economy, which expanded a robust 0.7 percent in the second quarter from the previous quarter and helped pull the 17-country currency union out of 18 months of recession. The eurozone grew 0.3 percent from the quarter before.
However, economists say stronger growth is needed across the eurozone to reduce the region’s record jobless rate of 12.1 percent and cut the heavy debt burdens afflicting governments such as Greece, Spain and Italy.
Ifo survey director Kai Carstensen said in a statement that the German economy “moved up a gear” during the month.
Economists said the good Ifo reading suggests the German recovery may be more sustained than originally forecast by some and should continue through the second half of the year.
Alexander Koch at UniCredit wrote that the survey data “confirm our view that the German economy will be able to maintain a somewhat more moderate but still robust momentum” in the second half.
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