German Ifo Business Confidence Highest In 3 Months
Germany's business confidence improved more-than-expected in November to reach its highest level in three months from a twenty-nine month low in October, as companies' pessimism regarding the coming months reduced sharply, survey results from the ifo Institute showed on Thursday.
The business confidence index rose to 86.3 in November from 84.5 in October, the Munich-based ifo said. The index was forecast to increase to 85.0.
In November, companies were somewhat less satisfied with their current business conditions, while pessimism regarding the coming months reduced sharply.
The recession could prove less severe than many had expected, Clemens Fuest, president of Ifo Institute, said.
The current conditions indicator dropped to 93.1 in November from 94.2 in October. Economists had forecast a reading of 93.8.
The index measuring business expectations increased from 75.9 to 80.0. Economists were looking for a score of 77.0.
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