German business morale recovers in November – Ifo

BERLIN, Nov 24 (Reuters) – German business morale rose more than expected in November, pessimism eased sharply in the coming months, a survey showed on Thursday showed signs of hope from Europe’s largest economy. .

The Ifo institute said its business climate index came in at 86.3, above the 85.0 forecast by analysts in a Reuters poll, from a revised 84.5 in October.

The improved outlook came after the economy unexpectedly grew in the third quarter and German gas storage was full, dampening fears of a supply crunch this winter.

Still, the government expects a recession next year, with the economy expected to contract by 0.4%.

Reporting by Miranda Murray and Rachel More

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