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German Ifo Business Confidence At 2-Year High

(RTTNews) - Germany's business sentiment strengthened to a two-year high in May as the lifting of restrictions related to the Covid-19 boosted expectations among managers, survey data from the ifo Institute revealed on Tuesday.

However, data released earlier in the day showed that the largest euro area economy contracted slightly more than initially estimated in the first quarter.

The business confidence index rose to 99.2 in May from 96.6 in the previous month. This was the highest value since May 2019. The reading was also above economists' forecast of 98.2.

Gross domestic product fell 1.8 percent sequentially in the first quarter, in contrast to the 0.5 percent expansion seen in the fourth quarter, Destatis reported. The sequential decline was revised from -1.7 percent estimated on April 30.

On an unadjusted basis, the annual decline in GDP deepened to 3.4 percent from 2.3 percent in the fourth quarter. The rate was revised from -3.3 percent.
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