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Financial News: German ZEW Economic Confidence At 7-Month Low

German ZEW Economic Confidence At 7-Month Low

11/10/2020 - 06:45:00 (RTTNews)

(RTTNews) - German economic confidence deteriorated sharply to a seven-month low in November as financial experts were concerned about the economic impact of the second wave of Covid-19, survey data from the ZEW - Leibniz Centre for European Economic Research showed on Tuesday.

The ZEW Indicator of Economic Sentiment plummeted more-than-expected 17.1 to 39.0 points in November from 56.1 in October. The score was forecast to fall to 41.7. This was the lowest since last April.

At the same time, the current conditions index dropped to -64.3 from -59.5 a month ago. The expected reading was -65.0.

"Financial experts are concerned about the economic impact of the second wave of COVID-19 and what this will entail," ZEW President Achim Wambach said.

"The ZEW Indicator of Economic Sentiment has therefore once again significantly decreased in November, indicating a slowdown of economic recovery in Germany," Wambach noted. There is also the additional worry that the German economy could head back into recession.

"According to the assertions made by the experts, neither the Brexit negotiations nor the outcome of the US presidential election currently are having an impact on the economic expectations for Germany," ZEW President added.

The financial market experts' sentiment concerning the economic development of the euro area also showed a considerable decrease for the second month in a row.

The corresponding indicator came in at 32.8 points in November, down by 19.5 points from the previous month. By contrast, the indicator for the current economic situation rose slightly by 0.2 points to minus 76.4 points.

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