BERLIN, (Reuters) – German business spirit rose unexpectedly in may as Europe’s largest economy shows resilience to high inflation and supply chain problems, as well the conflict in Ukraine. This was revealed by a Monday survey.

According to the Ifo Institute, its Business climax Index rose to 93.1 in May after a revision of 91.9 in April.

Analysts polled by Reuters pointed to a May reading 91.4.