Germany's May IfO Business Climate Index unexpectedly rises

Golden Ten Data reported on May 22 that a survey released on Friday showed German business sentiment unexpectedly increased in May, offering a glimmer of hope for Europe’s largest economy. The IFO Institute stated that its business climate index rose to 84.9 from a revised 84.5 in the previous month, while analysts had previously expected a decline to 84.2. Since the pandemic, Germany’s economy has struggled to regain growth momentum as intensifying competition and higher energy prices have put pressure on its export-driven model. The surge in energy prices triggered by the Iran war has posed a further threat to its long-awaited recovery.