German Ifo business morale rises unexpectedly

Wednesday, 21 December 2011 00:28 - - {{hitsCtrl.values.hits}}

BERLIN (Reuters): German business sentiment rose sharply in December, defying expectations for a decline and underscoring the strength of Europe’s largest economy in the face of a sovereign debt crisis that has hammered growth in other euro zone members.

The Munich-based Ifo think tank said on Tuesday that its business climate index, based on a monthly survey of some 7,000 companies, rose to 107.2 in December from 106.6 in November.

Economists surveyed by Reuters had forecast a drop to 106.1