The monthly ZEW economic outlook for Germany has declined for the third month in a row, reflecting growing pessimism of the global economic recovery.
“External factors are currently restricting the leeway for economic growth in Germany. This includes the continuing uncertainty with regard to Greece’s economic future and the cautious dynamism of the global economy” explains Clemens Fuest, president of the ZEW institute.
The ZEW outlook for Germany declined by -10.4 bsp compared to the previous month to 31.5 bsp. The current economic climate deteriorated by -2.8bsp to 62.9. Nevertheless, both values remain above the long term average for Germany, which is set at 24.9 bsp.
The outlook for the eurozone also deteriorated by 7.5 bsp to 53.7 bsp, the assessment of the current economic climat deteriorated by 5.1 bsp tp -21.6 bsp.
The monthly ZEW index is based on a survey among 229 analysts and institutional investors in Germany.