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  • German business confidence has recovered slightly after a "catastrophic" record low in April, a closely watched survey showed Monday. The Ifo institute's monthly business climate index rose to 79.5 points in May, up from 74.3 points in April -- the lowest value ever recorded. "Sentiment among German companies has recovered somewhat after a catastrophic few months," said Clemens Fuest, president of the Ifo institute, noting that expectations for the future had "improved considerably". "Nevertheless, many companies are still pessimistic about their business," he added, noting that their assessment of their current situation had actually worsened. The index, based on a survey of 9,000 firms, has been around since 1991 but only started including the services sector in 2005. Like many other countries, Europe's biggest economy introduced sweeping restrictions in mid-March to curb the spread of the coronavirus, closing factories, shops and schools and asking workers to stay at home. The pandemic has tipped Germany into a recession, with the economy shrinking by 2.2 percent in the first three months of 2020 -- its steepest quarterly contraction in more than a decade. The government has provided a massive rescue package to support German businesses through the crisis and has been gradually loosening lockdown restrictions since late April. "The gradual easing of the lockdown offers a glimmer of hope," Fuest said. However, Carsten Brzeski, an analyst for the ING bank, warned that "the route to normalcy remains long". "Given the absolute low level of the Ifo index and the fact that the damage of the last two months is likely to weigh on growth going ahead, don't be mistaken: this is not a 'V'", he said, referring to a sharp, rapid recovery from a downturn. fec/mfp/bmm
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  • German business confidence up slightly after record low
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