Weaker exports, auto scandal weigh on German economic confidence, ZEW says

Paterniano Del Favero
Agosto 22, 2017

The ZEW economic sentiment falls short of expectations with a score of 10 points.

The indicator remained significantly below the long-term average of 23.8 points and the expected level of 15.0.

"The significant decrease of the ZEW economic sentiment indicator reflects the high degree of nervousness over the future path of growth in Germany".

Looking to other elements of the survey, financial players remained happy with Germany's present economic situation, with that index nearly flat at 86.7 points.

"Both weaker than expected German exports as well as the widening scandal in the German automobile sector in particular have helped contribute to this situation". The corresponding index rose to 86.7 in August from 86.4 in July. "Overall, the economic outlook still remains relatively stable at a fairly high level", Wambach added.

A separate gauge that tracks experts' views on the outlook for the euro area also fell back, by 6.3 points to 29.3.

Of the expectations indices compiled by the institute for some of Germany's main trading partners, the only ones which did not decline last month were those for Japan, which was flat, and that for Italy which climbed by 1.2 points.

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