German business confidence unexpectedly improved, underpinning the Bundesbank’s prediction that economic growth strengthened at the start of the year.
The Munich-based Ifo institute’s business climate index rose to 111 in February from a revised 109.9 in January. That compares with a median estimate of 109.6 in a Bloomberg survey of economists.
The German economy expanded at the fastest pace in five years in 2016 and is forecast to continue to drive growth in the 19-nation euro region even amid concerns that political events — ranging from U.S. economic policies to Brexit and France’s presidential election — could stymie momentum. Both Thyssenkrupp AG and Siemens AG have issued words of caution about global risks.
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