German business confidence rose unexpectedly in January, a survey showed today, suggesting that Europe's biggest continued to fire on all cylinders at the beginning of 2018. 

The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 117.6 in January from 117.2 in December. 

The January reading beat expectations in a Reuters consensus forecast of analysts who had forecast a dip to 117.1. 

"The German economy made a dynamic start to the year," Ifo chief Clemens Fuest said in a statement.