According to the report from Ifo Institute, the German business climate index rose to 86.2 in June from 79.5 in May. The index was expected to be 85.0. The expectations component was 91.4 compared to 87.0 for forecasts and 80.1 in May. The current situation assessment component rose to 81.3 from 78.9 in May. The index was expected to be 84.0.

Commenting on the latest data, German Ifo economist Klaus Wohlrabe said that we have passed economic trouble, economy on upward path now.

"Expects growth again from Q3, of around 7%. German business sees light at the end of the tunnel. Economy probably shrank by double-digits in Q2. Industrial sector is still very bad, especially in engineering. But export expectations have risen significantly", - Wohlrabe said.