Germany's business confidence improved as expected at the start of the year to the strongest level in seven months, as companies were considerably less pessimistic about expectations, survey results from the ifo Institute showed on Wednesday.
The business confidence index rose to 90.2 in January from 88.6 in December. That was in line with economists' forecasts.
Further, this was the highest reading since June last year, when it was 92.3.
Thus, the German economy started the new year with more confidence amid a less pessimistic production outlook, though companies were somewhat less satisfied with their current situation, ifo said.
The index measuring business expectations increased from 83.2 to 86.4. Economists were looking for a score of 85.0.
At the same time, the current conditions indicator dropped slightly to 94.1 in January from 94.4 in December. Economists had forecast a reading of 95.0.
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