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BERLIN, May 23 (Reuters) - German business morale brightened more than expected in May, hitting its highest level on record since 1991, a survey showed on Tuesday, in a further sign that company executives are more upbeat about the growth outlook of Europe's largest economy.
The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 114.6 from an upwardly revised 113.0 in April.
The reading came in stronger than a Reuters consensus forecast for a value of 113.1.
"This development in the Ifo index combined with other key economic indicators points to economic growth of 0.6 percent in the second quarter," Ifo chief Clemens Fuest said in a statement. "Economic activity in Germany remains very brisk."
Managers' assessments of the current business situation and their outlook for the coming six months both improved markedly, the survey showed. An Ifo economist said the election of Emmanuel Macron as French president was a positive signal. (Reporting by Michael Nienaber; Editing by Paul Carrel)