German business confidence reaches new record high

Markets Associated Press

A survey shows that business confidence in Germany has risen to another record high as managers' view of both their outlook and their current situation brightens.

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The Ifo institute said Monday that its monthly confidence index was up to 115.1 points for June from 114.6 in May, the previous record.

The Ifo's index is calculated on the basis of firms' views of both the current situation and the outlook for the next six months. Both elements rose in June.

The Ifo surveys some 7,000 companies for its index.

The German economy, Europe's biggest, grew by 0.6 percent in the January-March period compared with the previous quarter. It appears to be on course for another strong performance in the current quarter.