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German business morale rises thanks to robust industry

BERLIN, Feb 22 (Reuters) - German business morale rose by far more than expected in February, hitting its highest level since October as the industrial sector powered along Europe’s largest economy despite lockdown restrictions, a survey showed on Monday.

The Ifo institute said its business climate index increased to 92.4 from an upwardly revised 90.3 in January. A Reuters poll of analysts had pointed to a February reading of 90.5. The reading surpassed even in the highest forecast in the poll.

“The German economy is robust despite the lockdown mainly because of the strong industrial economy,” Ifo President Clemens Fuest said in a statement.

Writing by Paul Carrel; Editing by Maria Sheahan

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