“German business confidence remained unexpectedly unchanged in May as booming exports and rising company spending boosted economic growth.
The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, held at 114.2 from April. Economists forecast a decline to 113.7, the median of 24 forecasts in a Bloomberg News survey showed.
A rebound in construction spending, surging company investment and rising exports poweredGermany’s fastest growth in almost a year in the first quarter, data today showed. Still, Europe’s largest economy may struggle to maintain its momentum as euro-region governments toughen austerity measures to lower budget gaps while surging energy costs squeeze incomes.”
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