German business confidence has improved for the third month in a row from 105.5 to 106.7bsp MoM, according to the latest data released by the ifo Institute.
Confidence grew especially in the manufacturing sector, where the climate improved from 7.1 to 9.3 bsp, while the climate in the construction sector deteriorated from -5.3 to -5.8bsp.
The climate for the wholesale sector improved from 7.1 to 8.3bsp while the retail sector finally left negative territory, rising from -4.2 to 3.2bsp.
Both business climate and outlook for the German service industry deteriorated, with the climate dropping from 25.8 to 24.5bsp and the outlook declining from 19.5 to 17.5bsp.
The ifo business climate index is based on monthly reports from 2500 companies across Germany.