(ANSA) - TRIESTE - German business confidence improved for a sixth month in July, according to Munich-based Ifo economic institute. The index, based on a survey of 7,000 German companies from manufacturing, trade and construction, rose to 116 from a revised 115.2 in June. That's the highest level since 1991.

"Sentiment among German businesses is euphoric. Germany's economy is powering ahead", Ifo President Clemens Fuest said in a statement. "Companies' satisfaction with their current business situation reached its highest level since Germany's reunification", Fuest added. "Ebullient sentiment suggests the German economy's very strong performance at the start of the year is set to spill over into the second half", Bloomberg said. The International Monetary Fund expects the German economy to grow by 1.8 percent in 2017 and 1.6 percent in 2018. (ANSA).