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German business morale brightens much more than expected in August
[BERLIN] German business morale improved by much more than expected in August, a survey showed on Monday, suggesting that concerns about a global trade war among company executives in Europe's largest economy have eased.
The Munich-based Ifo economic institute said its business climate index jumped to 103.8 after 101.7 in the previous month. The August reading beat a Reuters consensus forecast of 101.9.
"In addition to a robust domestic economic situation, the truce in the trade conflict with the US contributed to improved business confidence," Ifo chief Clemens Fuest said.
"The German economy is performing robustly. Current figures point to economic growth of 0.5 per cent in the third quarter," Mr Fuest added.