German business morale recovers in November – Ifo

BERLIN, Nov 24 (Reuters) – German business morale rose further than expected in November and pessimism heading into the coming months eased considerably, a survey said on Thursday, as Europe’s biggest economy sent out signs of hope.

The Ifo institute said its business climate index was 86.3, higher than analysts’ forecast of 85.0 in a Reuters poll, and following a revised reading of 84.5 in October.

The improved outlook follows unexpected economic growth in the third quarter and comes as full gas storages in Germany curb fears of a supply crunch this winter.

Nonetheless, the government is expecting a recession next year, with the economy forecast to contract by 0.4%.

Reporting by Miranda Murray and Rachel More

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