Defying most predictions, the German business index jumped to a two-year high in June, increasing to 101.8 from 101.5 on the index calculated by the Ifo Institute. The index is based on a survey of 7,000 business executives and is considered an accurate assessment of business optimism.
“We’re in a period of very, very strong economic growth,†said Joerg Kraemer, chief economist at Commerzbank AG in Frankfurt. “Driven by foreign demand, the recovery will continue in the second half of the year — albeit at a slower pace.â€
Source: Bloomberg News
