Germany: Business confidence improves in November
November 24, 2011
Business confidence improved in November, despite the deepening debt crisis. The business confidence indicator published by the Ifo Institute rose from 106.4 points in October to 106.6 points in November, which represented the first improvement after four consecutive months of decline. The reading defied private sector analysts' expectations that the index would fall to 105.2 points. The November survey showed that firms were less sceptical about business prospects for the next six months, with the sub-indicator of business expectations rising to 97.3 points from 97.0 points in October, which had marked the lowest level since July 2009. Meanwhile, firms' current business conditions remained unchanged compared to the previous month.
Author: Ricardo Aceves, Senior Economist