German business confidence continued to improve for a second consecutive month in May, according to the Munich-based Ifo Institute for Economic Research on Monday.

Despite the Russian war on Ukraine, the Ifo Business Climate Index rose to 93 points, up from 91.9 points in April, the survey from the research institution revealed.

It showed that while companies appreciated their current business, they remained skeptical for the coming months.

"The German economy has proven itself resilient in the face of inflation concerns, material bottlenecks, and the war in Ukraine.

"There are currently no observable signs of a recession," said Ifo President Clemens Fuest.

Source: Anadolu Agency