German business sentiment surged to a record high in October, as companies raised their outlook for the months ahead, according to the Ifo Institute’s monthly survey.
The think tank said Wednesday that its business climate index increased to 116.7 points from 115.3 points in September. Economists polled by The Wall Street Journal had forecast a reading of 115.1 points.
“Germany’s economy is powering ahead,” said Ifo president Clemens Fuest, adding that “companies are very optimistic about the months ahead.”
The Ifo survey of about 7,000 companies shows that businesses in Europe’s largest economy were also more upbeat about their current situation.
Source: Dow Jones