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Jul 25, 4:09 AM EDT

German business confidence reaches new record high


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BERLIN (AP) -- A survey shows that business confidence in Germany has risen to another record high as managers' view of both their outlook and their current situation brightens.

The Ifo institute said Tuesday that its monthly confidence index was up to 116.0 points for July from 115.2 in June, the previous record.

The Ifo's index is calculated on the basis of firms' views of both the current situation and the outlook for the next six months. Both elements rose in July.

The Ifo surveys some 7,000 companies for its index.

Germany's economy, the largest in the 19-country eurozone, has been growing steadily thanks to exports and strengthening consumer demand amid low unemployment at home.

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