German business morale hits five-and-a-half year high

Frankfurt Am Main: German business confidence rose to its highest level in more than five-and-a-half years in March, a regular survey showed Monday, beating analysts’ forecasts for a slight decline. The IFO institute’s closely-watched business climate index improved in March, adding 1.2 points to reach 112.3 points, the highest level since July 2011. “The upswing in the German economy is gaining impetus,” commented IFO president Clemens Fuest. The March increase in confidence surprised observers of the German economy, as analysts surveyed by FactSet had forecast a slight slip in the survey result.