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German business confidence improved significantly again in June, hitting the highest level since November 2018, the Munich-based Ifo Institute said Thursday. The headline index rose to 101.8, up from 99.2, as both the current situation (99.6) and expectations (104.0) posted another monthly gain. "The German economy is shaking off the coronavirus crisis," Ifo said in a statement accompanying the data.
Firms in the manufacturing sector were satisfied with their current situation, however they were slightly less optimistic regarding the outlook. The survey noted that "many companies are concerned about increasing bottlenecks in intermediate products." The construction sector saw sentiment improve only marginally as firms continue to struggle with material shortages. Sentiment in the service sector surged across all sub-sectors. Especially the logistics sector and IT service providers noted good business conditions, but also the hospitality sector is expecting a strong increase in sales.
The data followed the publication of data from France earlier Thursday, showing business sentiment at a 14-year high.
Source: Ifo Institute