, the Ifo economic institute said on Monday, slightly below analysts' expecations but fuelling hopes Germany may be on the brink of a recovery. It was the third consecutive rise in the monthly survey of 7,000 firms, which Ifo says heralds an economic upturn. "Based on previous experience, an improvement in the Ifo business climate three months in succession signals a coming economic upturn," Ifo President Hans-Werner Sinn said in a statement. However, he said the improvement was limited to the expectations for the next six months; with firms' assessments of the current business situation somewhat less favourable. Still, the business climate improved in all surveyed sectors, except for the construction industry, Sinn said. The headline west German climate index was below the median forecast in a poll of 23 economists for a rise to 89.7 from 88.8 in June, with the range of forecasts spanning 88.8 to 90.8.