Ifo: German business confidence continues to shine in July

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Today’s survey showed that German business confidence improved further in July after recording a record increase in June, indicating that companies expect Europe’s largest economy to recover from the shock of the Corona virus if a second wave of infections is avoided.
According to Reuters, the Ifo institute said its business climate index rose to 90.5 from an upwardly revised level of 86.3 in June. This is the third increase in a row, and came better than economists’ expectations of 89.3.
“The German economy is recovering step by step,” the institute president, Clemens-Vieust, said in a statement, adding that companies appeared to be significantly more satisfied with the current business situation.
The institute’s surprisingly strong numbers indicate that the German economy got off to a good start in the early part of the third quarter, and on the basis of which it confirmed expectations for growth of 6.9 percent, the institute’s economist Klaus Follrabe said.





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