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Germany’s Economic Outlook Cools
Financial experts have grown less confident about Germany’s economy, according to the closely watched ZEW Indicator of Economic Sentiment.
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Financial experts have grown less confident about Germany’s economy, according to the closely watched ZEW Indicator of Economic Sentiment.
The index, which measures confidence in Germany’s economy six months from now, plunged 7.5 points to 10 compared with the long-term average of 23.8. A separate ZEW index that measures current conditions advanced slightly to 86.7 points.
ZEW (the Center for European Economic Research in Mannheim) says the slide in confidence reflects a “high degree of nervousness” about the pace of economic growth in Germany. The research group points to unexpectedly weak exports and the negative effects of widening scandal in the country’s auto industry.
The center notes that its index of confidence in the eurozone fell 6.3 points to 29.3 this month. But an index about current economic conditions gained 9.7 points to 38.4, its highest level since January 2008.
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