August 27, 2013 / 8:13 AM / 4 years ago

German business sentiment surges to highest in 16 months

BERLIN, Aug 27 (Reuters) - German business morale rose to the highest level in over a year in August, bolstering the view that Europe's largest economy is picking up pace after surprisingly strong growth in the second quarter.

The Ifo think tank said on Tuesday its business climate index, based on a monthly survey of some 7,000 firms, rose to a better-than-forecast 107.5 in August, its fourth consecutive rise and the highest level since April 2012. That was up from 106.2 in July.

"The German economy moved up a gear," Ifo economist Kai Carstensen said in a statement. "Companies are more satisfied with their current business situation. Their optimism regarding future business developments - although slightly cautious - also grew."

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