The Ifo institute’s confidence index rose to 114.6 in May from 113 in April, beating the median forecast of economists in a Bloomberg survey. Gauges of both current conditions and business expectations improved. German manufacturing and services activity accelerated in May, according to a survey of purchasing managers. A similar report for the euro area showed that the economy is growing at a pace that would warrant a tightening of monetary policy if it wasn’t for weakening inflation.
German Business Confidence at an all time high
The German economy is firing on all cylinders, and a surge in sentiment suggests it has staying power. Business confidence rose to the highest since 1991 this month, while manufacturers saw the fastest growth in six years amid a surge in orders. Consumer spending, investment and exports all contributed to growth in the first quarter, helping the economy to expand 0.6 percent, its strongest performance in a year.
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