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Outlook for German Economy Plunges
Confidence in Germany’s economy among experts in Germany’s financial markets plummeted this month, according to the ZEW Indicator of Economic Sentiment.
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Confidence in Germany’s economy among experts in Germany’s financial markets plummeted this month, according to the ZEW Indicator of Economic Sentiment.
The closely watched index fell nearly 20 points from July to August to a nine-year low of minus 44.1. The index’s long-term average is a plus 21.6. ZEW describes the decline as a “significant deterioration” in confidence.
The index has began its decline from a 12-month high of plus 3.1 in April. ZEW says Germany’s financial community is worried about the U.S.-China trade war, currency manipulation and the growing likelihood that the U.K. will leave the EU with no new trade deal.
German financial experts are equally pessimistic about the eurozone’s economy. ZEW’s index for that region fell 22.3 points to a minus 43.6 from July to August.
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