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German business sentiment hits record high in July

German business sentiment surged to a record high in July, and the Ifo institute on Tuesday described the mood among German companies as "euphoric."

The Ifo's business climate index rose to 116.0 points, comfortably beating June's record of 115.2 points and economists' forecast of 114.9 points.

German companies were more upbeat about their current business situation and their six-month outlook, according to the Ifo's monthly survey of about 7,000 companies.

"The German economy is powering ahead at full steam," said Clemens Fuest, the President of the Ifo institute.

Germany's gross domestic product is forecast to expand 1.8% this year and 2.0% in 2018, according to the Munich-based think tank.

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