The Ifo Business Climate Index climbed to 115.1 in June, over 114.6 in May, the highest point since data for a reunified Germany became available.

“Sentiment among German businesses is jubilant,” Ifo President Clemens Fuest said in a statement. “Germany’s economy is performing very strongly.”

“The inexplicable euphoria seems to be continuing,” Andreas Scheuerle, an economist at Dekabank in Frankfurt was quoted by Bloomberg as saying. “Ifo and PMIs were already much too optimistic compared to the real numbers in the first quarter, and now they’re even more optimistic and will continue to be so in the second quarter vis-a-vis the actual numbers.”