ZEW outlook hit by Brexit fears

The economic outlook for Germany plummeted throughout June, losing 26 basis points to -6.2 points, marking the lowest level since 2012.

The poll, conducted among 220 analysts and institutional investors, revealed growing pessimism on the economic outlook for the region, the eurozone outlook index fell by 34.9 basis points to -14.7 points.

“The Brexit vote has clearly surprised financial market experts. The significant deterioration of economic forecasts is largely a result of the uncertainity with regard to its impact on the German economy. Concerns on the ability of businesses to distribute and on the stability of European banks and financial markets will continue to burden the economic outlook” comments ZEW president Achim Wambach.

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