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German business confidence shows December boost

Business confidence in Germany rose in December to hit a four-month high in spite of the economic challenges of the European migrant crisis and slowdown in emerging economies, latest figures from the country's ZEW institute show.

A reading for December from the ZEW shows current conditions at 55.0 against a score of 54.4 in November. Meanwhile, the economic expectations index hit 16.1 for this month against analyst expectations of 15.0 and 10.4 the previous month.

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The institute added that while the influx of refugees posed challenges for German society and the economic slowdown in emerging markets was putting pressure on the exports, the country's economy was "sufficiently robust" to cope with the challenges of 2016, Reuters reported.

Carsten Brzeski, chief economist at ING-DiBa, said the figures showed how German businesses have quickly got over the disappointment of the recent European Central Bank meeting, which came up short on further quantitative easing measures.

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"Generally speaking, despite another very turbulent year with the Greek crisis, the Chinese slowdown, the refugee influx and increased geopolitical tensions, the German economy has continued its solid growth performance," he said.

"Domestic demand, and in particular private consumption, has become an important growth driver."

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