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Business climate for industry and trade in Germany improved further in October, the Munich-based Ifo Institute for Economic Research said Friday. The economic recovery continues hesitantly, the think tank said.
The business climate index rose to 91.9 in October from 91.3 in September, while economists had forecast a reading of 92. The current assessment index climbed to 87.3 from 87.1 and the expectations index jumped to 96.8 from 95.7. These two indexes were forecast to rise to 88 and 96.2, respectively.
"Today's Ifo gives hope that the economy can take some of the current momentum into the next quarter," Carsten Brzeski, Senior Economist at ING said. "The fundamentals of the German economy remain healthy: no internal imbalances like an overheated real estate market, strong pent-up demand for consumption and private investments and a highly competitive export sector."
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