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Economic climate in euro area improves significantly: Ifo

Xinhua, May 6, 2015 Adjust font size:

Ifo index for the economic climate in the euro area rose to 129.2 points in the second quarter from 112.7 points in the previous quarter, the Munich-based think tank reported on Wednesday.

"The index rose to a level last seen prior to the outbreak of the world financial crisis and significantly above its long-term average of 106.1 points," said Hans-Werner Sinn, president of Ifo institute.

"The euro area's economy is experiencing a clear upturn," Sinn added.

Both assessments of the current economic situation and the six-month economic outlook brightened considerably, Ifo said in its report.

According to Ifo's surveyed experts, economic growth will reach 1.5 percent this year, and they forecast an average inflation rate of 0.6 percent in the euro area in 2015.

The report noted that the main contribution to the favorable economic situation came from Germany, while there were also gradual improvements in France, Italy and Spain. However, assessments of the economic situation in Greece, Ireland, Austria and Portugal were more unfavorable than previously.

Ifo is one of Europe's leading research institutes. Its business climate index is considered as the most important barometer for the German economy. Endit