- Title: German business morale hits record-high, lifted by Macron
- Date: 23rd May 2017
- Summary: MULFINGEN, GERMANY (FILE - NOVEMBER 13, 2013) (REUTERS) VARIOUS OF VENTILATOR SYSTEMS BEING ASSEMBLED BERLIN, GERMANY (FILE - SEPTEMBER 13, 2016) (REUTERS) CONSTRUCTION SITE WITH TELEVISION TOWER IN BACKGROUND VARIOUS OF CONSTRUCTION WORKERS AT SITE FRANKFURT, GERMANY (FILE - SEPTEMBER 28, 2016) (REUTERS) VARIOUS OF PEOPLE WALKING THROUGH CITY CENTRE VARIOUS OF CUSTOMERS IN SHOPPING MALL
- Embargoed: 6th June 2017 15:18
- Keywords: Ifo institute German business moral
- Location: MUNICH, GERMMANY
- City: MUNICH, GERMMANY
- Country: Germany
- Topics: Economic Events
- Reuters ID: LVA0026I297KD
- Aspect Ratio: 16:9
- Story Text: German business morale brightened more than expected in May, hitting its highest level on record since 1991, a survey showed on Tuesday (May 23), in a further sign that company executives are more upbeat about the growth outlook of Europe's largest economy.
The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 114.6 from an upwardly revised 113.0 in April. The reading came in stronger than a Reuters consensus forecast for a value of 113.1.
Managers' assessments of the current business situation and their outlook for the coming six months both improved markedly, the survey showed. The brightening of an already rosy outlook tapped into hopes that Berlin will ally with Paris in spearheading a broad-based economic revival in Europe.
France is Germany's second biggest trading partner and europhile Emmanuel Macron's presidential election win over far-right protectionist rival Marine Le Pen in early May has given fresh impetus to neighbouring exporters.
Klaus Wohlrabe, economist for the Munich-based Ifo institute, said the positive news of Macron's victory had provided a tailwind.
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