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Financial News: German ZEW Economic Confidence Rises For First Time

German ZEW Economic Confidence Rises For First Time In 6 Months

11/09/2021 - 06:11:00 (RTTNews)

(RTTNews) - German economic confidence improved for the first time in six months as financial market experts were more optimistic about the coming six months, survey results from the ZEW - Leibniz Centre for European Economic Research showed on Tuesday.

The ZEW Indicator of Economic Sentiment rose more-than-expected to 31.7 in November from 22.3 in October. This was the first time since May that the indicator logged an improvement. The expected score was 20.

However, the assessment of current economic situation deteriorated again, with the indicator falling to 12.5 from 21.6 in October. The score was also below economists' forecast of 18.

Experts assume that the supply bottlenecks for raw materials and intermediate products as well as the high inflation rate will have a negative impact on the economic development in the current quarter, ZEW President Achim Wambach said.

For the first quarter of 2022, they expect growth to pick up again and inflation to fall both in Germany and the Eurozone, Wambach added.

The economic confidence index for the euro area also improved for the first time since May. The corresponding index rose 4.9 points to 25.9 in November. By contrast, the current situation index fell 4.3 points to 11.6.

Inflation expectations for the eurozone declined very sharply in the current survey. The indicator came in at minus 14.3 points, which corresponds to a decrease of 31.4 points in the October survey. This shows that the experts expect the inflation rate in the eurozone to decline over the next six months.

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