FRANKFURT, Germany, April 26 (UPI) -- A main German economic index indicates an unexpectedly large improvement in German economic confidence in April.
The Ifo index, put out by the Institute for Economic Research at the University of Munich, rose from 95.4 to 96.3 points in April, the Frankfurter Allgemeine Zeitung reports. It reflects the results of a monthly poll of German businesses.
"The new poll results point toward further economic recovery, if a moderate one," Ifo head Hans-Werner Sinn said. "We can't, however, speak of an established upturn."
Average analyst predictions indicated the Ifo would drop slightly in April to 95.1.
The index was especially strong in the area of businesses' estimation of their current economic situation. That number rose from 92.2 in March to 94.9 in April, its highest level in three years. It had fallen for two months in a row, raising fears it could indicate a negative trend in the German economy.
Ifo administrators consider three months of movement in one direction the indication of a trend.
The Ifo index of business expectations dropped slightly from 98.8 to 97.8 in April.
