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German Ifo business morale brightens more than expected in April
April 24, 2017 / 8:14 AM / 7 months ago

German Ifo business morale brightens more than expected in April

BERLIN, April 24 (Reuters) - German business morale brightened more than expected in April, hitting its highest in nearly six years, a survey showed on Monday, suggesting company executives are more upbeat about the current state 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 112.9 from an unpwardly revised 112.4 in March.

The reading, the highest since July 2011, came in stronger than a Reuters consensus forecast for a value of 112.5.

“The German economy is growing strongly,” Ifo chief Clemens Fuest said in a statement.

Managers’ assessments of the current business situation improved significantly while their outlook for the coming six months was a bit less optimistic.

The survey was conducted in the first half of April, meaning it did not include any reaction to the first round of the French presidential election on Sunday in which centrist Emmanuel Macron came in first, qualifying for a May 7 runoff alongside far-right leader Marine Le Pen. (Reporting by Michael Nienaber; Editing by Paul Carrel)

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