January 25, 2018 / 9:42 AM / a year ago

German Ifo business morale improves unexpectedly in January

FILE PHOTO: A man walks at the LP12 Mall of Berlin shopping mall is in Berlin, Germany, March 3, 2017. REUTERS/Fabrizio Bensch/File Photo

BERLIN (Reuters) - German business confidence rose unexpectedly in January, a survey showed on Thursday, suggesting that Europe’s biggest continued to fire on all cylinders at the beginning of 2018.

The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 117.6 in January from 117.2 in December.

The January reading beat expectations in a Reuters consensus forecast of analysts who had forecast a dip to 117.1.

“The German economy made a dynamic start to the year,” Ifo chief Clemens Fuest said in a statement.

Writing by Paul Carrel and Michael Nienaber

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