The business climate in Germany improved unexpectedly in November, ending a six-month period of weakening in the largest economy in Europe, the German Ifo Institute reported on Friday.
The Ifo Business Climate Index, compiled by the eponymous economic research institute based on a survey conducted among approximately 7,000 business leaders in Germany, rose to 101.4 points in November, up from 100 points in October. The improvement stems from a slight increase in optimism among business leaders regarding the current state of business, and their expectations for the near future have also slightly improved despite the debt crisis in the eurozone.
Thus, the Business Climate Index exceeded the highest expectations of 41 economists who participated in a Reuters survey, who had, on average, expected a decline in the index to 99.5 points.
