Upbeat German business morale signals fourth-quarter rebound

German business morale rose in December, a survey showed on Monday, hitting its highest level since February 2014, and supporting expectations that Europe’s largest economy will rebound in the fourth quarter.

The Munich-based Ifo economic institute said its business-climate index, based on a monthly survey of some 7,000 firms, rose to 111.0 from 110.4 in November. The December reading compared with a Reuters consensus forecast for a value of 110.7.

"The German economy is making a strong finish to the year," Ifo chief Clemens Fuest said in a statement.

He added that both the manufacturing and wholesaling indices rose, and manufacturers were planning to ramp up production in the months ahead.

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The Ifo business reading is a sign of economic resilience in the face of uncertainties that are clouding the outlook for Germany, including Britain’s decision to leave the EU, unpredictable US policy under president-elect Donald Trump, and financial concerns over Greece and Italy.

The upbeat reading came after Ifo said on Friday the German economy would rebound more strongly than previously expected in the fourth quarter, and this growth momentum would carry through into 2017.