Economy German ZEW Index falls much more sharply than expected
The economic expectations of German financial experts deteriorated much more than expected in August. The ZEW research institute's sentiment barometer fell by 22.6 points compared to the previous month to 19.2 points.
13.08.2024, 16:00
SDA
This was announced by the Center for European Economic Research (ZEW) in Mannheim. According to economists, hopes of an upturn are fading.
"The economic outlook for Germany is collapsing", commented ZEW President Achim Wambach on the data. "This suggests that economic expectations remain under the impression of high uncertainty, driven by an unclear monetary policy, disappointing business figures from the US economy and growing concerns about an escalation of the Middle East conflict."
It was the second decline in economic expectations in a row. The assessment of the current economic situation also deteriorated in August. A number of leading indicators for the German economy had recently deteriorated.
This was compounded by turbulence on the financial markets last week. Concerns about the US economy increased.
