German business confidence ticked higher in August, according to survey data released on Monday, suggesting momentum in the euro zone's biggest economy remains strong.
The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of companies, rose to 103.8 from 101.7 in July.
The reading was much better than economists’ expectations for 101.9.
Businesses assessed the current situation slightly better, with the sub-index edging up to 106.4 from 105.3, compared to expectations for 105.4.
The business expectations index, which measures attitudes toward business prospects over the next six months, jumped to 101.2 from 98.2 last month.
That was better than estimates for a reading of 98.4.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
