German business confidence posted a surprise gain in September, recording its third consecutive monthly rise.
The Munich-based Ifo economic institute said that its closely watched business confidence indicator climbed to 108.5 points this month from a previously estimated 108.3 reading in August.
The German economy is in a robust state, said Ifo chief Hans-Werner Sinn.
Analysts surveyed by dpa-AFX had forecast a drop in the index to 107.9 points.
Based on a monthly survey of about 7,000 German companies, the indicator’s rise showed executives in Europe’s biggest economy shrugging off concerns about the world economic outlook and the political tensions unleashed by a stream of refugees into the region.
The positive mood in German boardrooms was boosted by both the industry leaders’ expectations of economic conditions six months down the track and their assessment of current business conditions.