German ZEW Economic Confidence Rises Less Than Forecast
March 14 2017 - 4:23AM
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German economic sentiment improved at a slower than expected
pace in March as uncertainties surrounding the upcoming elections
in the EU weighed on financial market experts' expectations.
The ZEW Indicator of Economic Sentiment gained 2.4 points to
12.8 in March, survey data from the the Mannheim-based Centre for
European Economic Research/ZEW showed Tuesday.
However, the score was below the long-term average of 23.9 and
the expected level of 13.0.
The fact that the economic sentiment only shows a slight upward
movement is a reflection of the current uncertainty surrounding
future economic development, ZEW President Achim Wambach, said.
According to Wambach, no clear conclusions can be drawn on the
economic situation from the most recent economic signals for
January 2017.
He observed that while industrial production and exports
witnessed a positive development, the figures for incoming orders
and retail sales were less favorable.
"The political risks resulting from upcoming elections in a
number of EU countries are keeping uncertainty surrounding the
German economy at a relatively high level," Wambach added.
The current conditions index of the survey rose 0.9 points to
77.3 in March. The expected reading was 78.0.
The financial market experts' expectations regarding economic
development in the Eurozone improved considerably in March by 8.5
points, bringing the expectation indicator up to a current level of
25.6 points.
The indicator for the current economic situation in the Eurozone
also strengthened significantly in March. The indicator climbed 4.6
points to 7.4.
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