German Ifo Institute released its business confidence figures for Germany on Tuesday. German business confidence index rose to 108.3 in August from 108.0 in July, beating expectations for a decline to 107.7.

"Satisfaction with the current situation has again increased significantly. However, the companies were somewhat less optimistic regarding future business. The German economy continues to be a rock in turbulent waters," Ifo President Hans-Werner Sinn said.

The Ifo current conditions index climbed to 114.8 from 113.9. Analysts had expected the index to remain unchanged at 113.9.

The Ifo expectations index declined to 102.2 from 102.3. Analysts had expected the index to decrease to 102.0.