AP

German business confidence brightens more than expected

Dec 18, 2022, 11:39 AM | Updated: Dec 19, 2022, 1:40 am

BERLIN (AP) — German business confidence improved more than expected in December as managers in Europe’s biggest economy took a brighter view of both their current situation and the outlook for the next six months, a closely watched survey showed Monday.

The Ifo institute said its monthly confidence index rose to 88.6 points from 86.4 in November. Economists had expected an increase to 87.5.

“German business is entering the holiday season with a sense of hope,” Ifo said in a statement. The December improvement in overall sentiment was the third in a row, but it marked the first time that businesses have been more positive about their current situation after six months of increasing pessimism.

German inflation has slipped back slightly from its peak, declining to 10% in November from 10.4% the previous month, although galloping prices remain a major headache for the economy.

The German economy grew 0.4% in the July-September period compared with the previous quarter thanks to consumer spending. But it is still expected to shrink in the current fourth quarter and the first three months of next year.

Germany has worked to prevent a potential energy crunch after the Russian invasion of Ukraine and the end of gas supplies from Russia. It has taken measures including reactivating old oil- and coal-fired power stations, extending the life of the country’s last nuclear power plants by a few months, and building liquefied natural gas terminals — the first of which was inaugurated on Saturday.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Image: Members of the Makah Indian tribe paddle away from the rising sun as they head from Neah Bay...

Associated Press

Washington’s Makah Tribe clears major hurdle toward resuming traditional whale hunts

The U.S. granted the Makah Indian Tribe a long-sought waiver that helps clear the way for its first sanctioned whale hunts since 1999.

19 hours ago

jerry west...

Tim Reynolds, The Associated Press

Jerry West, a 3-time Hall of Fame selection and the NBA logo, dies at 86

Jerry West, a three-time Basketball Hall of Fame inductee whose silhouette is considered to be the basis of the NBA logo, died Wednesday morning.

2 days ago

Photo: Construction vehicles are parked outside of the Station U & O building on Tuesday, June 11, ...

Haleluya Hadero, The Associated Press

Amazon adds $1.4B to affordable housing fund for regions where it has corporate offices

Amazon is adding $1.4B to a fund for building more affordable housing in regions where the company has major corporate offices.

3 days ago

hunter biden...

Randall Chase and the Associated Press

Hunter Biden convicted of all 3 felony charges in federal gun trial

Hunter Biden has been convicted of all three felony charges related to the purchase of a revolver in 2018, but no sentencing date was set.

3 days ago

Photo: A Bremerton man who made 20 "swatting" calls around the U.S. and in Canada, prompting real e...

Associated Press

Bremerton man sentenced for 20 ‘swatting’ calls of false threats in US, Canada

A Bremerton man who made 20 "swatting" calls around the U.S. and in Canada, prompting real emergency responses, has been sentenced.

4 days ago

Image: U.S. Secretary of Defense Lloyd Austin, left, speaks with Ukraine's President Volodymyr Zele...

Associated Press

Ukraine uses US weapons to strike inside Russia, a Western official tells AP

Ukraine has used U.S weapons to strike inside Russia in recent days, according to a Western official familiar with the matter told the AP.

9 days ago

German business confidence brightens more than expected