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Financial News: German ZEW Economic Confidence Strengthens In May

German ZEW Economic Confidence Strengthens In May

05/19/2020 - 05:41:00 (RTTNews)

(RTTNews) - German economic confidence improved notably in May, survey data from the ZEW - Leibniz Centre for European Economic Research showed Tuesday.

The ZEW Indicator of Economic Sentiment rose 22.8 points to 51.0 in May. The expected reading was 32.0.

However, the assessment of current economic situation continued its downward trend. The corresponding index fell to -93.5 from -91.5 a month ago. The score was forecast to rise to -88.0.

"Optimism is growing that there will be an economic turnaround from summer onwards," ZEW President Achim Wambach, said.

The financial market experts' sentiment concerning the economic development of the eurozone also improved in May. The economic confidence index rose 20.8 points to 46.0.

By contrast, the indicator for the current economic situation fell by 1.1 points to minus 95.0 points in May.

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