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Financial News: Germany ZEW Economic Confidence Weakens In October

Germany ZEW Economic Confidence Weakens In October

10/13/2020 - 05:48:00 (RTTNews)

(RTTNews) - German economic sentiment deteriorated to a five-month low in October, survey data from the ZEW - Leibniz Centre for European Economic Research showed on Tuesday.

The ZEW Indicator of Economic Sentiment fell more-than-expected to 56.1 in October from 77.4 in September. This was the lowest since last May. The score was forecast to drop to 73.0.

Meanwhile, the current conditions index rose to -59.5 from -66.2 in the previous month. The expected reading was -60.0.

The recent sharp rise in the number of Covid-19 cases has increased uncertainty about future economic development, as has the prospect of the UK leaving the EU without a trade deal, ZEW President Achim Wambach, said.

The current situation in the run-up to the presidential election in the United States further fuels uncertainty, Wambach added.

The economic sentiment indicator for the euro area plunged 21.6 points to 52.3 in October. Meanwhile, the current economic situation climbed 4.3 points to minus 76.6 points.

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