German business sentiment in January tied November's record high amid bulging order books in the manufacturing sector.
The Ifo Institute for Economic Research said that its business climate index rose to 117.6 points in January from 117.2 points in December, beating economists' expectations for a slight decline to 117.0.
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"The German economy had a dynamic start to the year," said Ifo president Clemens Fuest.
Capacity utilization in the important manufacturing sector rose further from an already elevated level, bolstering businesses mood about their current business situation, which they assessed as "better than ever," the Ifo said.
Yet despite the excellent current situation, the roughly 7,000 businesses polled by the Ifo in January trimmed their expectations for the next six months, the think tank said.
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(END) Dow Jones Newswires
January 25, 2018 04:41 ET (09:41 GMT)