Business confidence in Germany picked up sharply in December, reaching its highest level in nearly two years, as company executives felt happier about current business as well as the outlook for the next six months, the business climate index showed today.
The index by economics research institute Ifo rose to 96.8 points in December from 95.7 points in November, Ifo said. That was the highest level since the beginning of 2001.
'The rise in the business climate index seen over the past seven months has continued in December,' Ifo President Hans-Werner Sinn said, noting that most of the improvement was due to improved expectations for the next six months.
'At the same time, the assessment of current conditions has also improved in all sectors except the retail sector. And what is most remarkable is that the construction sector is also improving,' Sinn said.
