Germany's leading business climate indicator rose in July as buoyant exports boosted manufacturers' expectations, the Munich-based Ifo institute said today.
Ifo said its German business climate indicator rose to 95.6 from 94.6, beating the consensus in a Reuters poll of 37 economists for an increase to 95.0. Forecasts ranged from 94.0 to 95.8.
"Both the assessments of the current business situation as well as business expectations for the coming six months improved," Ifo said. "The survey results point to a continuation of the economic upturn in the coming half year."
It said all sectors of the economy reported an improvement except for construction, where already gloomy sentiment deteriorated further.
The Ifo index came after Italy and Belgium reported an improvement in business confidence in July, while Dutch business confidence fell.