German business confidence hits new high: Ifo institute

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German business confidence has risen to levels above the boom years of 2006 and 2007, the Ifo institute said on Wednesday, as Europe's top economy continued a strong recovery.

The widely watched reading of sentiment rose to 109.3 points in November, compared to 107.7 points in October, its sixth consecutive rise.

Analysts polled by Dow Jones Newswires had expected the indicator to stay flat at 107.6 points.

"The Ifo Business Climate indicator for industry and trade in Germany has risen again in November and is now above the level of the 2006/2007 boom," the institute said in a statement.

"The upswing in the German economy is gaining more and more strength."

Ifo surveys around 7,000 German manufacturing, construction, wholesale and retail companies each month to establish the index of business sentiment.

© 2010 AFP

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