German business confidence improves

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Berlin

German business confidence improved in February, a key survey showed Monday, as the robust industrial sector of Europe’s top economy bears up despite the impact of coronavirus restrictions.

The Ifo institute’s monthly confidence barometer, based on a survey of 9,000 companies, climbed to 92.4 points from 90.3 points in January, when the index slipped as tougher measures to fight the pandemic were introduced.

Analysts surveyed by Factset had expected a smaller increase of 0.4 points. “The German economy is showing its resilience despite the lockdown thanks to the strong industrial economy,” Ifo president Clemens Fuest said in a statement.

The manufacturing sector recorded its highest score since November 2018, surging to 16.1 points from 9.1 points last month.—AFP