BERLIN, July 26 (Xinhua) -- Business confidence within the Germany's service sector rose significantly in July, according to a study published on Wednesday by the Munich-based Ifo economic institute.
The service sector business climate index rose by 1.7 to 109.7 points, the best value achieved in half a year. The 2,500 businesses surveyed by Ifo researchers considered their current situation to be highly satisfactory and also gauged their prospects for the coming months to have improved.
"The development of turnover...is considered to be very positive [by firms in the sector]," Ifo president Prof. Clemens Fuest said in a statement.
The positive findings follow close on the heels of the publication of Ifo's monthly business climate index for the wider German economy on Tuesday which surpassed expectations to reach a new record high.
