German business morale rises to a record high

German business confidence unexpectedly rose in June to a record high, as strong domestic consumption and robust exports combined to make company executives increasingly upbeat about the growth outlook for Europe’s largest economy.

The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 115.1 from 114.6 in May.

“Sentiment among German businesses is jubilant,” Ifo chief Clemens Fuest said in a statement.