Business confidence Increased More Than Expected in Germany

Today’s survey showed that German business confidence increased much more than expected in February, reaching its highest level since October as the industrial sector supports Europe’s largest economy despite the restrictions of lockdown measures.

IFO said its business climate index rose to 92.4 from a revised level of 90.3 in January. A Reuters poll of analysts had expected a reading of 90.5 in February. The reading exceeds even the highest expectations in the survey.

“The German economy is strong despite the general isolation, which is mainly due to the strength of the industrial economy,” said Clemens Fuest, head of the institute in a statement.