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Financial News: German ZEW Economic Confidence Improves Unexpectedly In Fe

German ZEW Economic Confidence Improves Unexpectedly In February

02/16/2021 - 07:23:00 (RTTNews)

(RTTNews) - German investor confidence improved unexpectedly in February as financial market experts expect the economy to recover within six months, survey data from the ZEW - Leibniz Centre for European Economic Research showed on Tuesday.

The ZEW Indicator of Economic Sentiment climbed to 71.2 in February from 61.8 in the previous month. The score was forecast to fall to 59.6.

However, the assessment of the economic situation worsened slightly by 0.8 points to -67.2 from -66.4 a month ago. The expected level was -67.0.

The financial market experts are confident that the German economy will be back on the growth track within the next six months. ZEW President Achim Wambach, said. Consumption and retail trade in particular are expected to recover significantly, accompanied by higher inflation expectations, Wambach added.

According to EU forecast, Germany's real GDP is forecast to rebound by 3.2 percent in 2021, returning to its pre-crisis level at the turn of the year.

The ZEW survey showed that sentiment regarding the economic development of the Eurozone also increased sharply in February.

The corresponding indicator climbed 11.3 points to 69.6 points. At the same time, the current economic situation index advanced 4.3 points to -74.6 points.

Inflation expectations strengthened sharply in February. The inflation indicator for the euro area rose 20.2 points to a new value of 71.8 points. Likewise, the inflation indicator advanced 15.3 points to 73.5 points.

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