German business confidence hits two-year high as firms shake off Brexit shock

Europe’s largest economy is bouncing back from the shock of Britain’s EU referendum vote, according to the latest healthcheck from the IFO thinktank.

IFO’s business climate index, which surveys 7,000 German business leaders, has hit its highest level since April 2014. That shows executives are increasingly confident about their prospects, despite the uncertainty over Brexit, and the looming US election.

Ifo head Clemens Fuest says:

“The upturn in the German economy is gathering impetus.”

IFO’s business climate index hit 110.5 in October, up from 109.5 in September, beating expectations of an unchanged reading. Construction firms and manufacturers are particularly upbeat.

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