Business confidence in Germany dipped slightly in July, though firms in Europe's largest economy showed little sign the EU referendum would weigh on their performance over the coming months.
The benchmark Ifo business climate survey showed the headline measure of confidence edged back from 108.7 to 108.3 over the past month.
Expectations about the future also proved largely unmoved by the UK's vote to leave the EU. The index which measures the outlook for the next 12 months dropped from 103.1 to 102.2, though this was higher than in four of the past 12 monthly readings and broadly in line with scores at this time last year.
The survey stands in contrast to the latest confidence monitor for UK firms published by the CBI this morning which showed expectations for the next year at a seven-year low. Florian Hense, at economist at German bank Berenberg said: "Ifo survey data for July beat expectations across the board - showing no real signs of an impact from the Brexit vote.
"German businesses seem to be handling the current period of political uncertainty well. For the time being, it seems almost like business as usual for the German economy, implying a moderate, but steady pace of expansion for the rest of the year driven by strong underlying fundamentals."