The ZEW Indicator of Economic Sentiment for Germany dropped another 4.2 points from the previous month to 22.3 in October 2021, the lowest level since March 2020 when the COVID-19 pandemic hit Europe's largest economy, sending investor morale sharply lower. The reading came in also below market expectations of 24.0 and moved further away from an over 21-year high of 84.4 hit in May, suggesting the outlook for the economic development in the next six months deteriorated sharply due to the persisting supply bottlenecks for raw materials and intermediate products. Investors now expect profits to go down, especially in export-oriented sectors such as vehicle manufacturing and chemicals/pharmaceuticals. The assessment of the economic situation in Germany also declined more than expected in October, falling by 10.3 points to 21.6. source: Centre for European Economic Research (ZEW)

Zew Economic Sentiment Index in Germany averaged 22.97 from 1991 until 2021, reaching an all time high of 89.60 in January of 2000 and a record low of -63.90 in July of 2008. This page provides the latest reported value for - Germany Zew Economic Sentiment Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Germany Zew Economic Sentiment Index - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.

Zew Economic Sentiment Index in Germany is expected to be 5.00 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Germany Zew Economic Sentiment Index is projected to trend around 9.00 in 2022 and 7.00 in 2023, according to our econometric models.

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Germany Zew Economic Sentiment Index


Calendar GMT Actual Previous Consensus TEForecast
2021-07-06 09:00 AM Jul 63.3 79.8 75.2 75.1
2021-08-10 09:00 AM Aug 40.4 63.3 56.7 55.1
2021-09-07 09:00 AM Sep 26.5 40.4 30 29
2021-10-12 09:00 AM Oct 22.3 26.5 24 22.6
2021-11-09 10:00 AM Nov 22.3
2021-12-07 10:00 AM Dec


News Stream
German Investor Morale Weaker than Forecast
The ZEW Indicator of Economic Sentiment for Germany dropped another 4.2 points from the previous month to 22.3 in October 2021, the lowest level since March 2020 when the COVID-19 pandemic hit Europe's largest economy, sending investor morale sharply lower. The reading came in also below market expectations of 24.0 and moved further away from an over 21-year high of 84.4 hit in May, suggesting the outlook for the economic development in the next six months deteriorated sharply due to the persisting supply bottlenecks for raw materials and intermediate products. Investors now expect profits to go down, especially in export-oriented sectors such as vehicle manufacturing and chemicals/pharmaceuticals. The assessment of the economic situation in Germany also declined more than expected in October, falling by 10.3 points to 21.6.
2021-10-12
Germany Zew Sentiment Lowest since March 2020
The ZEW Indicator of Economic Sentiment for Germany declined to 26.5 in September of 2021 from 40.4 in August, and below market forecasts of 30. The gauge fell for the 4th consecutive month to the lowest since March 2020 when the coronavirus crisis started. The assessment of the economic situation in Germany however, increased to 31.9 from 29.3 in August. Current readings imply that over the next six months economic growth in Germany will only be slightly higher than its current rate. “Expectations fell markedly once more in September 2021. Although financial market experts expect further improvements of the economic situation over the next six months, the expected magnitude and the dynamics of the improvements have decreased considerably. Global chip shortage in the automobile sector and shortage of building material in the construction sector have caused a significant reduction in profit expectations for these sectors”, comments ZEW President Professor Achim Wambach.
2021-09-07
German Investor Morale at 9-Month Low
The ZEW Indicator of Economic Sentiment for Germany declined by 22.9 points to 40.4 in August of 2021, the lowest level since November and well below market expectations of 56.7. It was the third monthly decline in investor confidence, after reaching its highest level in two decades in May. About 51.1 percent of the surveyed analysts predicted an improvement in economic activity over the coming months, while10.7 percent of them expected it to get worse and 38.2 percent expected no changes. The assessment of the economic situation in Germany increased by 7.4 points to 29.3 in August. "This indicates increasing risks for the German economy, such as a possible fourth Covid wave from autumn or a slowdown in growth in China. The significant improvement in the assessment of the economic situation, which has persisted for months, shows that expectations are also weakening due to the higher growth already achieved, "commented ZEW President Prof. Achim Wambach, Ph.D. the current expectations.
2021-08-10
German Investor Morale Remains Strong in July
The ZEW Indicator of Economic Sentiment for Germany dropped 16.5 points from the previous month to 63.3 in July 2021, the lowest level since January and below market expectations of 75.2. It was the second monthly decline in investor confidence, after reaching in May its highest level in two decades, but still suggesting that the overall economic situation will be extraordinarily positive in the coming six months. About 67.2 percent of the surveyed analysts predicted an improvement in economic activity over the coming months, while 3.9 percent of them expected it to get worse and 28.9 percent expected no changes. The assessment of the economic situation in Germany jumped by 31.0 points to 21.9 points in July, and was back in positive territory for the first time in two years.
2021-07-06

Germany Last Unit Reference Previous Highest Lowest
Zew Economic Sentiment Index 22.30 Oct/21 26.50 89.60 -63.90


Germany Zew Economic Sentiment Index
In Germany, the ZEW Economic Sentiment Index measures the level of optimism that analysts have about the expected economic developments over the next 6 months. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the development of the economy. Therefore, the ZEW indicator measures the confidence on a scale of -100 (all analysts expect the economy to deteriorate) up to 100 (all analysts expect it to improve). A 0 value indicates neutrality.