Climb in confidence of German business as Greek crisis subsides

Chris Papadopoullos
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GERMAN business confidence climbed in July, survey data showed yesterday, as fears over Greece leaving the Eurozone subsided.

Research institute IFO said its Business Climate Index rose to a 108 this month from 107.5 in June. It followed two months of contraction.

The survey, which looks at responses from around 7,000 German firms, revealed rising optimism in manufacturing and wholesaling but a decline in construction.

“Overall, the July IFO business climate report reflects a relief reaction to Greece not having exited the Eurozone, for now, with the deal with Iran probably also having supported,” said economist Timo Klein from analysts IHS.

The Eurozone’s better economic growth has also boosted optimism, Klein said.

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