German IFO business climate further improves
The business climate in Eurozone's largest economy rose more-than-expected and is a strong sign that the economic recovery is on track and the QE program of the ECB starts to have positive effects. The index increased for a fifth consecutive month. A day earlier data showed that growth in manufacturing and services accelerated.
The IFO index is based on a survey of 7,000 executives who evaluate the relative level of doing business and expectations for the next 6 months. Companies are confident as the weak euro, low financing costs and robust growth of the U.S. economy
The IFO - Business Climate for the month of March improved from 106.8 to 107.9 beating estimates of an increase to 107.4. Data on the IFO - Current Assessment came in at 112.0, compared to a previous reading of 111.3. IFO - Expectations rose from 102.5 to 103.9.
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