German ZEW Economic Confidence Falls In July
14 Juli 2020 - 10:27AM
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German economic sentiment weakened for the first time in four
months in July as investors expect a slow recovery from the
downturn caused by the coronavirus pandemic, survey data from the
ZEW - Leibniz Centre for European Economic Research showed
Tuesday.
The ZEW Indicator of Economic Sentiment fell to 59.3 in July
from 63.4 in June. The score was forecast to rise to 60.0.
Meanwhile, the assessment of the current situation improved
slightly for the second time since January 2020. The current
conditions index rose to -80.9 from -83.1 in the previous
month.
Economists had forecast the current conditions indicator to
climb to -65.0 in July. "After a very poor second quarter, the
experts expect to see a gradual increase in gross domestic product
in the second half of the year and in early 2021," ZEW President
Achim Wambach, said.
The sentiment index points to a leveling off in the economy over
the summer months, Carsten Brzeski, an ING economist said.
The economy ministry, on Monday, said the largest euro area
economy has passed the trough. However, the ministry observed that
the recovery process is just beginning and the capacities are still
underutilized. Production is expected to pick up in months ahead on
increased order intake.
Sentiment concerning the economic development of the Eurozone
improved for the fourth consecutive time, with the corresponding
indicator climbing 1.0 points to 59.6 points in July, ZEW survey
showed.
The indicator for the current economic situation climbed 0.9
points to a level of -88.7 points.
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