German business confidence at highest since 2011
German business confidence unexpectedly improved in March, according to a widely-followed survey.
The Ifo's business climate index rose to 112.3 from 111.1 in February, beating expectations for a reading of 111.0 and hitting its highest level since July 2011.
The expectations index pushed up to 105.7 from 104.2, surpassing expectations of 104.0.
Finally, the current assessment index came in at 119.3 from 118.4, ahead of estimates for a reading of 117.9.
Clemens Fuest, president of the Ifo Institute, said: " The upwards trend in assessments of the current business situation continues unabated. The business outlook for companies also improved again this month. The upswing in the German economy is gaining impetus."
The index for the manufacturing sector also hit its highest level since July 2011, printing at 21.0 compared to 16.8 in February, mostly due to markedly more optimistic expectations on the part of manufacturers.
Meanwhile, the index for construction rose to 9.4 from 7.8 while the retailing index edged up to 6.4 from 4.5.
However, the wholesaling index slipped to 18.4 from 22.3 in February.
Pantheon Macroeconomics said: "Another day, another consensus beating survey in the EZ economy. The headline was lifted by small increase in the current assessment index, but the key story was the jump in the expectations index to a six-month high."