Results of the German Center for Economic Studies' May 2017 Ifo Business Climate Survey show a high level of economic optimism among German businesses. The Ifo Business Climate Index rose to a record high of 114.6 points from a previous level of 113 points last month, the highest reading on record since 1991. German companies raised their estimates of both the current business situation and future business expectations. The rise was especially high in manufacturing, with capital goods manufacturers planning to increase both production and prices. In wholesaling, business expectations were optimistic while the index for assessments of the current business situation declined, with retailers making small downward adjustments. In construction the index increased, corresponding to an increase in both construction activity and optimism for the future business climate. Combined with other economic factors, these results suggest an economic growth of 0.6% in the second quarter.