German business confidence improves despite war

By Tuba Sahin

ANKARA (AA) - German business confidence recovered in April after plunging in March following Russia's war on Ukraine, according to a survey.

The Munich-based Ifo Institute said its Business Climate Index rose to 91.8 points in April from 90.8 points in March.

Clemens Fuest, president of the institute, in a statement attributed the stabilization "to less pessimism in companies’ expectations."

"Their assessments of the current situation are minimally better. After the initial shock of the Russian attack, the German economy has shown its resilience," he said.

The survey is based on approximately 9,000 monthly responses from businesses in manufacturing, the service sector, trade, and construction.​​​​​​​