German investor sentiment deteriorates more than expected - ZEW

17th Sep 2024 11:11

(Sharecast News) - German business sentiment deteriorated more than expected in September, according to a survey released on Tuesday by the ZEW Center for European Economic Research in Mannheim.

The indicator of economic sentiment fell to 3.6, down 15.6 from August's reading and well below expectations for a reading of 17.1.

The indicator for the assessment of the economic situation fell 7.2 points to -84.5. This marked the lowest since May 2020.

ZEW President Achim Wambach said: "The hope for a swift improvement in the economic situation is visibly fading. In the latest survey, we once again observe a noticeable decline in economic expectations for Germany. The number of optimists and pessimists is now evenly balanced.

"Although the falling economic expectations for the eurozone point to an overall rise in pessimism, the drop in expectations for Germany is significantly greater. Most respondents appear to have already factored the ECB's interest rate decision into their expectations."