German business morale recovers in November – Ifo
2022.11.24 04:55
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© Reuters. FILE PHOTO: The sun sets behind the skyline of Frankfurt, Germany, July 5, 2022. REUTERS/Kai Pfaffenbach
BERLIN (Reuters) – German business morale rose further than expected in November and pessimism heading into the coming months eased considerably, a survey said on Thursday, as Europe’s biggest economy sent out signs of hope.
The Ifo institute said its business climate index was 86.3, higher than analysts’ forecast of 85.0 in a Reuters poll, and following a revised reading of 84.5 in October.
The improved outlook follows unexpected economic growth in the third quarter and comes as full gas storages in Germany curb fears of a supply crunch this winter.
Nonetheless, the government is expecting a recession next year, with the economy forecast to contract by 0.4%.
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