German business morale rises, defies euro zone gloom

German business sentiment rose sharply in December, defying expectations for a decline and underscoring the resilience of Europe's dominant economy in the face of a sovereign debt crisis that has hammered euro zone growth.

The Munich-based Ifo think tank said on Tuesday that its business climate index, based on a monthly survey of some 7,000 companies, rose to 107.2 in December from 106.6 in November, posting its biggest monthly rise since February.

It was the second rise in a row after an equally surprising gain in November. Economists surveyed by Reuters had forecast a drop to 106.1.

Analysts welcomed the rise but took care not to overplay its significance, particularly in the wake of recent downbeat German export and manufacturing data, and amid continuing downward revisions to 2012 economic growth forecasts.

Read Full Article from Reuters

- Posted: 2011-12-20 11:15:06

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