Economic sentiment in Germany plummets in October: ZEW

Source: Xinhua| 2020-10-13 20:03:00|Editor: huaxia

BERLIN, Oct. 13 (Xinhua) -- The indicator of economic sentiment in Germany declined "very sharply" in October, down by 21.3 points compared to the previous month to 56.1 points, according to the monthly expert survey published by the Leibniz Center for European Economic Research (ZEW) on Tuesday.

The indicator of economic sentiment in Germany was "still very clearly in positive territory," said ZEW president Achim Wambach. "However, the great euphoria witnessed in August and September seems to have evaporated."

"The recent sharp rise in the number of COVID-19 cases has increased uncertainty about future economic development, as has the prospect of the UK leaving the EU without a trade deal," said Wambach, adding that "the current situation in the run-up to the presidential election in the United States further fuels uncertainty."

On the other hand, the assessment of the economic situation in Germany improved again, up by 6.7 points to minus 59.5 points in October, according to the survey among more than 170 analysts.

For the eurozone, the sentiment of the financial market experts for the economic development "also took a nosedive," falling 21.6 points to 52.3 points, while the indicator for the current economic situation in the eurozone increased by 4.3 points to minus 76.6 points, according to the survey. Enditem