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Financial News: German Ifo Business Confidence At Record High

German Ifo Business Confidence At Record High

06/26/2017 - 06:50:00 (RTTNews)

(RTTNews) - German business confidence strengthened to a record high in June, breaking last month's record, as companies were more satisfied with their current situation amid improved outlook.

The business confidence index rose unexpectedly to 115.1 in June from 114.6 in May, survey data from the Munich-based Ifo institute showed Monday.

The score reached its highest level on record since 1991. The reading was forecast to fall to 114.4.

Ifo survey suggests that GDP growth will accelerate sharply in the months ahead, Jennifer McKeown, an economist at Capital Economics, said.

While growth is unlikely to match the pace implied by this survey, the economist sees the German economy outperforming consensus expectations this year.

The Ifo institute last week upgraded its growth outlook for this year to 1.8 percent from 1.5 percent. For 2018, the think tank projected 2 percent growth instead of 1.8 percent.

Data today showed that the current conditions index improved to 124.1 from 123.3 in the previous month. The score was forecast to rise slightly to 123.3 from May's initially estimated 123.2.

At the same time, the expectations index climbed to 106.8 from May's 106.5. The expected reading was 106.4.

In manufacturing, current situation remained unchanged at a very high level. Also, manufacturers were slightly more optimistic about the short-term future.

In wholesaling, business climate improved for the third month in succession to reach its highest level since December 2010. Assessments of the current business situation hit a new record high and expectations were also upwardly revised.

Further, data showed that retailers were far more satisfied with their current business situation. Their optimism about the short-term business outlook was the highest since September 2015.

However, in construction, business climate declined in June. Contractors marginally scaled back their assessments of the current business situation and business expectations.

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