German ZEW Economic Sentiment improved to -24.1 in November, up from -24.7 and beat expectation of -24.2. Current Situation index, however, dropped sharply to 58.2, down from 70.1 and missed expectation of 65.0. Eurozone ZEW Economic Sentiment dropped to -22.0, down from -19.4 and missed expectation of -17.3. Eurozone Current Situation dropped sharply by -13.8 to 18.2. ZEW noted that “the outlook for the Eurozone has deteriorated even more than it has for Germany.”
ZEW President Professor Achim Wambach noted in the release “The figures for industrial production, retail sales and foreign trade in Germany all point towards a weak development of the German economy in the third quarter. This is reflected by the fact that the assessment of the current situation has experienced a decline. The expectations of the survey participants for the coming six months do not show any improvement. This means that, at the moment, they do not expect to see a speedy recovery of the currently weak development of the economy”.
