June 26, 2017 / 8:26 AM / 7 months ago

'Jubilant' German Ifo business morale hits record high

BERLIN, June 26 (Reuters) - German business confidence unexpectedly rose in June to a record high, a survey showed on Monday, in a fresh 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 115.1 from 114.6 in May. The reading compared with a Reuters consensus forecast for a value of 114.4.

“Sentiment among German businesses is jubilant,” Ifo chief Clemens Fuest said in a statement.

“Companies were significantly more satisfied with their current business situation this month. They also expect business to improve. Germany’s economy is performing very strongly.”

An Ifo economist told Reuters private consumption was a key driver for the economy and there was still room for export growth. Managers’ assessments of the current business situation and their outlook for the coming six months both rose, the survey showed. (Writing by Paul Carrel; Editing by Madeline Chambers)

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