German business sentiment rose in May, beating forecasts as business expectations improved considerably, the Ifo Institute said Monday.
"Sentiment among German companies has recovered somewhat after a catastrophic few months," the Ifo said.
The Ifo business-climate index came in at 79.5 points in May from a downwardly revised 74.2 points in April. Economists surveyed by Dow Jones Newswires had forecast it at 76.8 points.
The increase is primarily due to a sharp rise in expectations, a component that rose to 80.1 points in May from 69.4 points in April.
However, companies once again assessed the current situation as slightly worse and this component fell to 78.9 in May from 79.4 in April.
Many companies are still pessimistic about their business but the gradual easing of the lockdown "offers a glimmer of hope," said Clemens Fuest, president of the Ifo Institute.
The Ifo index is based on a poll of about 9,000 companies in manufacturing, services, trade and construction.
Write to Maria Martinez at maria.martinez@wsj.com
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