Official figures revealed by the IFO Business Climate Index have confirmed that business confidence across Germany is at an all time high, as the index recorded rise in November for the eighth consecutive month. Analysts are now saying that Europe's biggest economy is well on its way to growing strong after recovering from one of the worst global recessions.
For the month of November, the index surged to 93.9 points from the figure of 92 points recorded for the previous month, beating the analysts' estimate by a good margin.
"The firms are again not quite so dissatisfied with their current business situation", IFO President Hans-Werner Sinn said in a statement. "Also, their view of the business outlook in the coming six months is more favorable than in October".
The index grew to its strongest figure so far this year in November, leading experts to believe that industry and trade conditions are now definitely improving, with manufacturing, wholesale and retail sectors showing the most substantial growth. The construction industry, however, did post a slight decline for the month.
Analysts and economists had estimated the index to rise to around 92.5 points for the month.