Confidence rises in Germany

Confidence in the German economy has unexpectedly surged following six consecutive decreases.

The Ifo Business Climate Index, which measures how German businesspeople view the prospects for the economy, rose for most sectors over the past month.

“Companies expressed slightly greater satisfaction with their current business situation,” said president of the Ifo Institute, Hans-Werner Sinn. “They were also far less pessimistic about future business developments. The German economy is holding up in the face of the euro crisis.”