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Financial News: Amended: German ZEW Economic Sentiment At 10-Month Low

Amended: German ZEW Economic Sentiment At 10-Month Low

08/22/2017 - 06:46:00 (RTTNews)

(RTTNews) - Corrects month in fourth and final paragraphs

Germany's economic confidence weakened notably to a 10-month low in August, survey data from the Mannheim-based Centre for European Economic Research/ZEW showed Tuesday.

The ZEW Indicator of Economic Sentiment declined to 10.0 in August from 17.5 in July. This was the lowest score since October 2016, when the reading was 6.2.

The indicator remained significantly below the long-term average of 23.8 points and the expected level of 15.0.

The assessment of the current economic situation improved slightly in August. The corresponding index rose to 86.7 in August from 86.4 in July.

"The significant decrease of the ZEW economic sentiment indicator reflects the high degree of nervousness over the future path of growth in Germany," ZEW President Achim Wambach, said.

"Both weaker than expected German exports as well as the widening scandal in the German automobile sector in particular have helped contribute to this situation. Overall, the economic outlook still remains relatively stable at a fairly high level," Wambach added.

The expectations index for the euro area decreased by 6.3 points to 29.3 in August. The decline of Eurozone growth expectations was thus slightly lower than those for Germany.

By contrast, the indicator for the current economic situation in the Eurozone climbed significantly by 9.7 points to 38.4 points in August.

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