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A closely-watched survey of business confidence in Germany has revealed a rosier outlook for Europe's largest economy than expected. Entrepreneurs are expecting business activities to pick up in the months ahead.
Following six months of steady decline, business confidence in Germany rose in November, the Munich-based Ifo index revealed Monday.
The monthly barometer gauging the mood among German managers increased by 1.5 points to 104.7 this month, even though analysts polled by Reuters had penciled in another drop.
"At least we can say that the downward movement was interrupted," Ifo President Hans-Werner Sinn said.
Contradicting signals
Executives assessed their current business climate more positively than in previous months, and they also expressed greater trust in developments over the next six months.
Optimism was particularly widespread in the wholesale and retail sectors, but also in the building industry.
The Ifo index for November contradicted recent low growth forecasts for the Germany economy.
Both the government and leading economic institutions expect German GDP to rise by a mere 1.4 percent throughout 2014. Next year, pundits forecast modest growth between 1 and 1.3 percent in Europe's largest economy.
hg/cjc (Reuters, dpa, AFP)
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