German business confidence rose in February despite concerns over domestic inflation and financial turbulence abroad, particularly in the United States, a key survey showed Tuesday.
The Munich-based Ifo institute said Tuesday that its business climate index increased to 104.1 in February, up from 103.4 in January.
Analysts had expected the index, based on a survey which polled7,000 business leaders, to drop in February amid concerns over high oil prices and the possible U.S. economic recession.
German consumers have been tightening their belts. According to the Federal Statistics Office, German consumer spending fell by 0.8 percent in the fourth quarter last year compared to the previous quarter.
Last week, Ifo brought down its 2008 growth estimate for Germany, the largest economy in Europe, from 1.8 percent to 1.6 percent.
Source: Xinhua
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