Demand for German goods pushes business morale to almost two-year high

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German business morale hit its highest level in almost two years in March as rising demand for manufactured goods kept factories in Europe’s largest economy humming through rising coronavirus infections and lockdown restrictions, a survey showed on Friday.

The Ifo institute said its business climate index shot up to 96.6, the highest reading since June 2019, from an upwardly revised 92.7 in February. A Reuters poll of analysts had pointed to a February reading of 93.2.

“Despite rising infection numbers, the German economy started spring with confidence,” Ifo President Clemens Fuest said in a statement.

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