Germany’s Ifo Business Climate Index recorded a reading of 111.3 in February, up from last month’s reading of 110.6, data from the Munich-based CESifo group showed Monday.

The index, which measures the current business climate in Europe’s largest economy and, measures expectations for the next six months, was expected to register the same reading as in January.

The German Current Assessment index, which measures current business conditions in Germany, was at 114.4, up from January’s 112.4 and beat expectations of a 112.8 reading.

Meanwhile, the German Business Expectations index, which measures how German businesses foresee the next six months, also beat expectations slightly to register a reading of 108.3. However, this number was lower than January’s measure of 108.9.

"Assessments of the current business situation were significantly better than last month," Hans-Werner Sinn, President of the Ifo Institute, said in a statement, adding: "Last month’s optimism regarding the next six months...faded somewhat."