BERLIN (AP) — German business confidence has risen to a 3 1/2-year high as gloom lifts over managers' outlook, defying expectations of a fall, a closely watched survey found Friday.
The Ifo institute said its confidence index, a key indicator for Europe's biggest economy — rose to 107.6 points for October from 106.8 in September.
That was the fifth consecutive rise, and a much steeper one than its marginal increase the previous month. It took the index to the highest level since May 2007, before the financial crisis, when it stood at 108.4. Economists had expected a slight decline.
"The engine of economic activity is running smoothly," Ifo President Hans-Werner Sinn said …
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