The mood of German entrepreneurs has clearly improved

The mood of German entrepreneurs clearly improved in February. The business confidence index compiled by the Munich Ifo Institute rose to 92.4 points from the level of 90.3 points in the previous month. German managers better assess the current business situation and, in addition, the pessimism in expectations for the next three months has dropped significantly. The German economy is proving strong despite a lockdown, the Ifo institute said in a press release it published on Monday. The mood in the German manufacturing industry has risen to its highest level since November 2018. Companies are better assessing the current situation and are noticeably more optimistic about the outlook for the coming months. Confidence in the services sector has also improved. The situation in the hospitality sector remains challenging, but for the first time there has been cautious optimism in the tourism sector regarding the upcoming holiday season. After a decline in January, the mood index also rose slightly in trade. Confidence in construction has also improved.