First Posted: 12/17/2013

(AP) A survey has found that German investor confidence has jumped to a 7 -year high in December on the back of hopes of an economic upturn in Europe.

The ZEW institute said Tuesday that its confidence index, which measures investors’ expectations for the next six months, rose to 62 points from 54.6 in November. That was the best reading since April 2006 and far exceeded the more modest rise to 55 points anticipated by economists.

ZEW’s head, Clemens Fuest, said that despite disappointing recent industrial data, investors expect further improvements in Germany and the 17-country eurozone in 2014.

Germany’s economy, Europe’s biggest, is expected to see growth accelerate next year, while the eurozone recovery from recession is forecast to continue.