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German Ifo business morale hits record high in November

BERLIN, Nov 24 (Reuters) - German business confidence rose unexpectedly in November to hit an all-time high, a survey showed Friday, adding to signs that Europe's largest economy was heading for a strong fourth quarter.

The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 117.5 from an upwardly revised reading of 116.8 in October. This was higher than a Reuters consensus forecast for a value of 116.6.

"Sentiment among German businesses is very strong," Ifo chief Clemens Fuest said in a statement. "This was due to far more optimistic business expectations. The German economy is on track for a boom." (Reporting by Joseph Nasr; Editing by Paul Carrel)