The Business Climate Index in Germany increased for the second month in a row despite the Ukraine crisis, according to Munich-based Ifo Institute for Economic Research on Tuesday.

The Ifo Business Climate Index rose to 98.9 points in February, up from 96.0 points in January, the institution said in a statement.

“Companies were more satisfied with their current business. There was a marked improvement in expectations. The German economy is betting on an end to the coronavirus crisis. However, the escalation of the crisis engulfing Ukraine remains a risk factor,” it said.

Clemens Fuest, the president of the institute, noted that business climate improved in the manufacturing and service sectors, in addition to trade and construction.

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