Clemens Fuest, president of the Ifo Institute. (picture alliance/Kay Nietfeld/dpa/archive)
A key indicator of German business sentiment rose in March for the first time in six months, signalling that Europe’s largest economy may be back on an upswing.
The Ifo Business Climate Index rose in March to 99.6 points, up from 98.7 the previous month. The gains were led by improving sentiment in the services industry. By contrast, confidence in the manufacturing sector continued to decline on the month.
“The German economy is showing resilience,” Clemens Fuest, president of the Ifo Institute in Munich, said in a statement. German companies “are somewhat more satisfied with their current business situation, and they are decidedly more optimistic regarding business in the coming six months.”
Ifo's index is based on a monthly survey of 9,000 German businesses.
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