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Economic Sentiment Plunges in Germany
The likelihood of a U.S.-triggered global trade war has made financial experts in Germany sharply less confident about the country’s economy.
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The likelihood of a U.S.-triggered global trade war has made financial experts in Germany sharply less confident about the country’s economy.
A closely watched indicator of economic sentiment by the Center for European Economic Research (ZEW) plummeted from 17.8 points in February to only 5.1 points in March. The index’s long-term average is 23.6.
ZEW adds that the proportion of polled experts who expects Germany’s economy to decline over the next six months has nearly doubled to 13%. The financial community also worries that Germany’s export-reliant economy will be hurt by a strong euro, which makes exported goods more expensive for their recipients.
The experts have turned equally cautious about the outlook for the eurozone. A separate ZEW index for that region plunged to 13.4 points this month from 29.3 in February.
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