German business confidence hits near two-year high: Ifo

23rd April 2010, Comments 0 comments

Business confidence in Germany rose sharply to a near two-year high in April, the closely watched Ifo index showed Friday, in another sign of recovery in Europe's top economy.

The index rose to 101.6 points in April from 98.2 in March, smashing forecasts by analysts surveyed by Dow Jones Newswires, who were looking for a rise to 98.9 points.

The index has not been so high since May 2008.

"The German economy has shifted into a higher gear," said Hans-Werner Sinn, president of the institute.

© 2010 AFP

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