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Written by ICN.com |
Dec 19 12 09:55 GMT
German Investor Confidence Jumps To Highest Since July
German investor confidence jumped unexpectedly in December, adding to signs that Europe's largest economy will stand tall against the tides as leaders push towards further steps to reduce government debt to contain the euro crisis.
Ifo's business climate index rose for the second month to 102.4 from 101.4 in November, beating analysts' median estimate of 102.0. The Index, which is based on a survey of 7 thousand executives, is at the highest level since July.
Earlier this month, The ZEW Center for European Economic Research signaled that German investor confidence rose to the highest level in seven months amid growing signs that Europe's largest economy will start to add to more steam next year.
The German economy grew 0.2 percent in the third quarter, after expanding 0.3 percent in the second as demand slumped from the euro area which shrank for two straight quarters and is seen struggling to avoid a triple-dip recession.
Confidence remains evident despite the Bundesbank forecast suggesting the German economy will shrink this quarter and grow flat in the first three months of next year amid ongoing debt crisis in the euro zone, Germany's largest trading partner.
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