German business climate accelerated in September 2016 to its highest level since May 2014, according to a study of the Munich Institute for Economic Research (Ifo). The index of the Institute increased from 106.3 points in August to 109.5 points, exceeding expectations by more than 3 points and thus dissipate fears of a deterioration in European largest economy. The growth in September was the biggest monthly increase since 2010.
The index of expectations among businesses rose to 104.5 points, highly above forecasts for 100.1 points. The assessment of the current situation is also better than expected, as the corresponding sub-index rose more than forecast – up to 114.7 points, which is two-year high.
The German economy has already adopted the consequences of British referendum in June. Today’s index shows at least that the concerns about Brexit disappeared as fast as appeared. Despite strong data year before key parliamentary elections German economy is entering a risky phase.
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