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Financial News: German ZEW Economic Confidence Logs Record Fall

German ZEW Economic Confidence Logs Record Fall

03/17/2020 - 06:32:00 (RTTNews)

(RTTNews) - German economic confidence logged its sharpest decline since the survey began in 1991, survey data from ZEW showed Tuesday.

The ZEW Indicator of Economic Sentiment plunged 58.2 points to -49.5 in March. This was the biggest fall on record.

At the same time, the index measuring current economic situation declined 27.4 points to -43.1 in March.

This combination of strongly negative values for both economic sentiment and the assessment of the current situation were reported only during the financial crisis in 2008.

For the whole of 2020, the majority of experts currently expect a decline in real GDP growth of approximately one percentage point as a result of the corona pandemic," ZEW President Achim Wambach, said.

Further, financial market experts' sentiment concerning the economic development of the Eurozone also worsened significantly. The corresponding indicator dropped to -49.5 points in March.

Likewise, the indicator for the current economic situation plunged 38.2 points to a reading of -48.5 points.

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