Business confidence rises unexpectedly in Germany

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Associated Press

Posted on November 23, 2012 at 3:33 AM

Updated Friday, Nov 23 at 5:01 AM

BERLIN (AP) — A closely-watched survey has found business confidence in Germany unexpectedly rising this month following six straight declines.

Munich's Ifo institute reported Friday that its key business climate figure rose to 101.4 points in November from 100 in October. Economists had been predicting a modest drop to 99.5.

Germany's economy, Europe's biggest, has recovered strongly from its deep recession in 2008-09 despite the mounting debt problems on its doorstep. However, there have been recent signs that its export-driven economy is beginning to slow amid weakening demand from other countries.

Earlier this month, the German government's panel of independent economic advisers forecast that the economy will grow by only 0.8 percent this year and next.

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