The performance of Germany's export-oriented economy is highly important for Cyprus

Sentiment in the German economy, the euro area's largest, improved considerably in September and jumped by 3.2 points to 109.5 points, which is the highest value since May 2014, on more optimism among companies, the German Ifo Institute said.

The German economy is expecting a golden autumn, the institute said on Monday in an emailed statement, adding that companies are more satisfied with their current situation.

In industry alone, the business climate rose by 10.8 points in September reflecting "a far more positive outlook for the months ahead, Ifo said, adding that the increase was witnessed in all industrial branches.

The index also rose in the wholesale and retail sectors, after declining in recent months, mainly on better expectations and assessment of the current situation respectively.

In construction, sentiment continued to soar, hitting a new record high, reflecting an all-time high in assessment of the companies current situation and expectations that it will further improve in the months ahead.
The performance of Germany's export-oriented economy is highly important for Cyprus shipping management sector which accounts for 5 per cent of its economy.