German Business Confidence Grows
April 21, 2012
Business confidence in Germany beat expectations to rise again in April, underlining the resilience of Europe's biggest economy to the long-running debt crisis, data showed on Friday.
The Ifo economic institute's closely watched business climate index edged fractionally higher to 109.9 points in April, defying analysts' expectations for a slight decline. "The German economy is proving resilient," said Ifo president Hans-Werner Sinn. "The global slowdown is certainly affecting the German economy. However, the overall index signals further modest improvement in activity in the second quarter of this year. We still expect the German economy to run at around 1.0-1.5 percent in 2012” said Sinn.