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Growth

German business confidence picks up amid rosy outlook

The German business community has been reported to look to 2014 with a lot of confidence as indicators suggest a pick-up of the global economy. Business morale went up again, reaching its highest level in many months.

Business confidence among German executives rose by 0.2 percent to 109.5 points in December in a closely-watched monthly indicator by the Munich-based economic think tank Ifo.

The slight rise was in line with analysts' expectations and reflected the business community's positive outlook for 2014.

In fact, the 7,000 executives polled were more optimistic about the next six months, but less upbeat about the current state of their businesses.

Bigger momentum ahead

Engineering exports to rise in 2014

With business leaders sensing a pick-up in demand for goods and services both at home and father afield, they also expressed the hope that investment goods would be easier to sell in the months ahead.

"Cyclical developments are already quite positive globally, but 2014 will see a much bigger boom," Ifo economist Klaus Wohlrabe told Reuters news agency.

"We don't exactly see an end-of-year rally, but rather a slow Christmas stroll," Deka Bank analyst Andreas Scheuerle added.

Both the German government and the country's central bank expect the domestic economy to expand by 1.7 percent in 2014, after estimated 0.5-percent growth this year.

hg/kms (dpa, Reuters)

DW.DE

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