A survey has shown that business confidence in Germany rose unexpectedly in December.
The widely watched business climate index, calculated each month by the Munich-based economic research institute Ifo, rose to 108.7 points in December from 106.8 in November, Ifo said in a statement.
The increase took analysts by surprise. Consensus forecasts had been for a steady Ifo index reading after the barometer returned to its highest level in 15 years in November.
For its monthly survey, Ifo polls about 7,000 companies about their assessment of current business and their expectations for the next six months. A breakdown of the data showed that the current sentiment sub-index rose to 115.3 points in December from 113.9 in November. At the same time, the expectations sub-index also increased, rising to 102.5 points from 100.2.
