Business confidence in Germany rose in May as German companies viewed their current business situation with less pessimism.
Ifo’s business confidence index rose to 93 points in May from a revised 91.9 points in April.
Economists had expected the index to fall to 91.2 points.
“The German economy has proved resilient to concerns about inflation, supply problems and the war in Ukraine,” said Ifo president Clemens Fuest.
German companies were much more satisfied with their current operations, while expectations hardly changed, as companies remain skeptical.
The index, which records current conditions, rose to 99.5 points in May from 97.3 points in April, while business expectations stabilized at 86.9 points in May from 86.8 points in April.
“There is no sign of a recession right now,” Fuest added.
Source: Capital
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