German business confidence held at a two-year high in November, with the upbeat sentiment unchanged despite the election of Donald Trump as US president, the Ifo economic institute said Thursday. 

"The economic upturn in Germany remains intact. The German economy seems to be unfazed by the election of Donald Trump as US President," said the Munich-based Ifo in a statement.

The Ifo's headline business confidence index reached 110.4 points in November, unchanged from the October reading, and the highest level since April 2014.

The survey suggests that the "German economy is in good shape," said analysts at Capital Economics.

The construction sector showed the greatest optimism about the business climate, with a sub index reaching a new record high. 

Wholesaling was also positive, but the manufacturing sector signalled less optimism about the coming six months, "mainly due to less dynamic export prospects". 

Trump's taking of the White House has sent shockwaves through the global economy, with export-dependent economies particularly jittery as the populist has pledged to reverse free trade treaties.

This week, he promised to drop the Trans-Pacific Partnership -- a vast agreement between 12 countries including Japan, Australia and Peru.

While he has not spoken specifically about a planned free trade deal between the EU and the US, German Chancellor Angela Merkel admitted last week that the accord would now not be completed.

Source: AFP