Germany's business confidence surges to five-year high

Germany's business confidence surged to a five-year high in December, a leading German economic institute said on Friday.

The index, based on a monthly survey of 7,000 executives, jumped to 99.6 this month from 97.8 in November, according to the Munich-based Ifo Economic Institute.

"They are clearly more confident regarding their business expectations for the next six months," Ifo said in a statement.

The manufacturing firms expect even stronger impulses from export business.

In the sectors of construction, wholesaling and retailing, the index also rose.

In the three sectors, the survey participants were more satisfied with their current business situation than in November, with significant improvements in wholesaling and retailing, Ifo found.

The index is a further positive sign for Germany's sluggish economy after another economic institute found the indicator of economic sentiment for the country increased by a remarkable record 22.9 points in December. This was boosted by strong investment and export prospects.

The Center for European Economic Research (ZEW) said on Tuesday that the indicator's current level of 61.6 points is far above its historical average of 34.5 points.

Source: Xinhua