Frankfurt - German business confidence rose for the third month in a row in December, data showed on Wednesday, suggesting that Europe's biggest economy is ending the year in festive mood.
The Ifo economic institute's closely watched business climate index climbed to 109.5 points this month, its highest level since April 2012.
The previous month, it had stood at 109.3 points.
“The Ifo business climate improved once again. Assessments of the current business situation were somewhat less favourable, but firms expressed greater optimism about future business developments. The German economy is in a festive mood,” said Ifo president Hans-Werner Sinn.
Ifo calculates its headline index on the basis of companies' assessments of their current business and the outlook for the next six months.
The sub-index measuring current business slipped to 111.6 points in December from 112.2 points in November, while the outlook sub-index rose to 107.4 points from 106.4 points.
The outlook sub-index reading is the highest since March 2011. - Sapa-AFP