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Financial News: German Economic Confidence Weakens Sharply In March

German Economic Confidence Weakens Sharply In March

03/20/2018 - 06:27:00 (RTTNews)

(RTTNews) - Germany's economic confidence deteriorated sharply in March, survey data from the Mannheim-based think tank ZEW showed Tuesday.

The ZEW Indicator of Economic Sentiment dropped to 5.1 in March from 17.8 in February. This was the lowest score since September 2016 and well below the expected level of 13.0.

The current conditions index came in at 90.7 in March versus 92.3 in the previous month. The reading was seen easing moderately to 90.

"Concerns over a US-led global trade conflict have made the experts more cautious in their prognoses," ZEW President Achim Wambach, said.

"The strong euro is also hampering the economic outlook for Germany, a nation reliant on exports. Combined with the experts' continued positive assessment of the current situation, however, the outlook is still largely positive," Wambach added.

The economic confidence index for the euro area declined significantly by 15.9 to 13.4 points in March. The current conditions situation slid 1.5 points to 56.2 in March.

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