Ger­man busi­nesses up­beat de­spite bank woes, Bri­tish EU exit

Malta Independent - - WORLD -

Ger­man busi­nesses were more op­ti­mistic in Oc­to­ber, shrug­ging off woes at the coun­tries’ big­gest banks and the im­pli­ca­tions of Bri­tain’s vote to leave the Euro­pean Union.

The closely watched Ifo in­sti­tute in­dex rose to 110.5 points from 109.5 points in Septem­ber.

Ifo head Cle­mens Fuest said in a state­ment Tuesday that “the up­turn in the Ger­man econ­omy is gath­er­ing im­pe­tus.”

Ger­many, the largest of the 19 coun­tries that use the euro, en­joys mod­er­ate growth and very low un­em­ploy­ment of 4.2 per­cent. Ex­port strength has been sup­ported more re­cently by do­mes­tic con­sumer de­mand. The econ­omy grew by a quar­terly rate of 0.4 per­cent in the sec­ond quar­ter.

The Munich-based Ifo bases the in­dex on sur­vey re­sponses from 7,000 firms in man­u­fac­tur­ing, re­tail, whole­sal­ing and con­struc­tion.

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