Germany’s business climate index improved stronger than the market forecast, according to the Munich-based Ifo Institute for Economic Research on Thursday.
The Ifo Business Climate Index rose to 86.3 in November, up from the 29-month low figure of 84.5 in October. The market estimate was 85 points in November.
“While companies were somewhat less satisfied with their current business, pessimism regarding the coming months reduced sharply. The recession could prove less severe than many had expected,” said Clemens Fuest, president of the Ifo Institute.
“The recession could prove less severe than many had expected.”