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Dow Jones Newswires

May 23, 2022, 4:31 a.m. EDT

German business confidence unexpectedly rose in May, Ifo says

By Maria Martinez

Business confidence in Germany rose in May as German companies saw their current business situation with less pessimism.

The Ifo business-climate index rose to 93.0 points in May from a revised figure of 91.9 points in April, according to data from the Ifo Institute released Monday. Economists polled by The Wall Street Journal expected the index to decrease to 91.2.

“The German economy has proven itself resilient in the face of inflation concerns, material bottlenecks, and the war in Ukraine,” Ifo President Clemens Fuest said.

German companies were much more satisfied with their current business, while expectations barely changed with companies remaining skeptical.

The index of the current situation rose to 99.5 in May from 97.3 in April, while companies’ expectations stabilized at 86.9 in May from 86.8 in April.

“There are currently no observable signs of a recession,” Mr. Fuest said.

The Ifo index is based on a poll of about 9,000 companies in manufacturing, services, trade and construction.

Write to Maria Martinez at maria.martinez@wsj.com

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