25 July 2013 10:50 [Source: ICIS news]
LONDON (ICIS)--Germany’s business confidence rose for a third month in succession in July, an Ifo survey showed on Thursday.
Munich-based economics research group Ifo said its business climate index for Germany reached 106.2 in July compared with 105.9 in June.
However, the six-month expectations forecast edged back to 102.4 in July from 102.5 in June, it added.
Kai Carstensen, Ifo’s head of the department for business cycle analysis and surveys, said: “Although the six-month business outlook weakened slightly, firms remain cautiously optimistic with regard to their future business outlook. Conditions in the German economy remain fair.
“Machinery capacity utilisation rose by more than one percentage point. After last month’s sharp increase, export expectations fell somewhat. Firms nevertheless expect expansionary impulses from export business.”
Ifo’s segmented data for July showed the German manufacturing business climate index at 7.9, up from 7.8 in June; the trade and industry index at 4.9, from 4.4 in June; and the construction index at -1.4, down from June's 1.0.
The Ifo indexes are based on a survey of 7,000 companies.
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