German business climate in November better than expected

German economic research institute Ifo said its index of business climate rose to 86.3 in November, beating analysts’ expectations of 85.0 from 84.5 in October.

The index was supported by German economic growth in the third quarter and by German natural gas reserves reaching full capacity. This alleviates concerns about power shortages in winter.

The Ifo survey is based on a poll of companies in the manufacturing, construction, wholesale and retail trade, and services sectors, with around 9,000 companies surveyed every month.

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