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German business morale rises in May on buoyant services sector

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Reuters UK

By Rachel More and Rene Wagner BERLIN (Reuters) -German business morale rose unexpectedly in May thanks to a pick up in the services sector in Europe’s largest economy that helped offset the impact of high inflation, supply chain problems and the war in Ukraine, a survey showed on Monday. The Ifo institute said its business climax index rose to 93.0 in May following a reading of 91.9 in April, revised up slightly from 91.8. A Reuters poll of analysts had pointed to a May reading of 91.4. Ifo said in its statement there were “currently no observable signs of a recession”. “The German economy is…

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