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Gunter Grittmann
Head of Information and Communication
E-mail: grittmann@zew.de
Phone: +49 (0)621-1235-132
Fax: +49 (0)621-1235-255
Kathrin Böhmer
Public Relations Officer
E-mail: boehmer@zew.de
Phone: +49 (0)621-1235-103
Fax: +49 (0)621-1235-255
The ZEW Indicator of Economic Sentiment for Germany has slightly improved in June 2013. The indicator has gained 2.1 points compared to the previous month and is now hovering at the 38.5 points-mark. read more
The ZEW Indicator of Economic Sentiment for Germany has increased by 0.3 points in March 2013. The indicator now stands nearly unchanged at a level of 48.5 points. Hence, after three substantial increases between December 2012 and February 2013, the indicator has stabilised in March at a respectable level. read more
The ZEW Indicator of Economic Sentiment for Germany has increased by 16.7 points in February 2013. The indicator now stands at a level of 48.2 points. This is the third increase in a row. read more
The ZEW Indicator of Economic Sentiment for Germany has increased by 24.6 points in January 2013. The indicator now stands at a level of 31.5 points, thereby reaching its highest level since May 2010. read more
A recovery of the German M&A market is still not in sight. The ZEW-ZEPHYR Index for Germany has been manoeuvring at the 60-points mark since the beginning of 2011. Until mid-2013, M&A activities will stagnate at this level. This is the result of a forecast conducted by the Centre for European Economic Research (ZEW) in Mannheim. The current level of the M&A Index Germany is considerably below its initial value of 100 points in 2000. read more
The ZEW Indicator of Economic Sentiment for Germany has increased by 6.7 points in October 2012. It is now standing at a level of minus 11.5 points. This is the second increase of the indicator in a row. read more
The ZEW Indicator of Economic Sentiment for Germany increased by 7.3 points in September 2012. It is now standing at a level of minus 18.2 points. This is the indicator’s first increase after four declines in a row. read more
The ZEW Indicator of Economic Sentiment for Germany has dropped by 5.9 points in August 2012. It now stands at a level of minus 25.5 points. This is the lowest value of the indicator in 2012 so far. Nevertheless, the indicator is well above the negative balance it reached during the financial crisis. In 2008 economic expectations temporarily dropped below the minus 60 points-mark. read more
The ZEW Indicator of Economic Sentiment for Germany has dropped by 2.7 points in July 2012. This represents the third decline in a row. The indicator is now standing at a level of minus 19.6 points. This value is below the indicator's historical average of 24.0 points. read more
The ZEW Indicator of Economic Sentiment for Germany has decreased by 27.7 points to a level of minus 16.9 points in June 2012. This is the indicator's strongest decline since October 1998. The worsening of the situation in the Spanish banking sector and the insecurity about the outcome of the Greek general election, which had been lasting for most of the survey period, have likely contributed to the sharp decline of the indicator. read more
The ZEW Indicator of Economic Sentiment for Germany has decreased by 12.6 points to a level of 10.8 points in May 2012. Thus, the indicator has deteriorated for the first time after five consecutive increases. read more
The ZEW Indicator of Economic Sentiment for Germany has increased by 1.1 points to a level of 23.4 points in April 2012. Thus, the indicator has risen for the fifth consecutive time. read more
The ZEW Indicator of Economic Sentiment for Germany has increased by 16.9 points to a level of 22.3 points in March 2012. Thus, the indicator has risen for the fourth consecutive time. It displays its highest level since June 2010. read more
The ZEW Indicator of Economic Sentiment for Germany has increased by 27.0 points to a level of 5.4 points in February 2012. The indicator reaches thus positive territory for the first time since May 2011. A higher value was last seen in April 2011. read more
The ZEW Indicator of Economic Sentiment for Germany has increased by 32.2 points in January 2012. The indicator now stands at minus 21.6 points. This is the highest level of the indicator since July 2011. Nevertheless, the indicator is still below its historical average of 24.5 points. read more
The ZEW Indicator of Economic Sentiment for Germany has increased by 1.4 points in December 2011. The indicator now stands at the minus 53.8 level. This slight increase marks the end of a nine-month lasting downward trend. The current value is below the indicator’s historical average of 24.6 points. read more
During the next year, a slight decrease in the Eurozone’s inflation rate can be expected. At least, this is the opinion of the majority of the 238 financial market experts surveyed by the Centre for European Economic Research (ZEW), Mannheim, in November 2011. The experts estimate an average inflation rate of 2.52 per cent for 2012. Compared with 2011, for which they forecast an inflation rate of 2.65 per cent, this would mean a slight decrease. This assessment may be explained mainly by the tarnishing economic outlook. read more
The ZEW Indicator of Economic Sentiment for Germany has decreased by 6.9 points in November 2011. This is the ninth decline in a row. The indicator now stands at minus 55.2 points. This value is below the indicator’s historical average of 25.0 points. A lower value of the indicator was last seen in October 2008. read more
The ZEW Indicator of Economic Sentiment for Germany has decreased by 5.0 points in October 2011. This is the eighth decline in a row. The indicator now stands at minus 48.3 points. This value is below the indicator’s historical average of 25.3 points. A lower value of the indicator was seen last in November 2008. read more
The ZEW Indicator of Economic Sentiment for Germany has dropped by 5.7 points in September 2011. This is the seventh decline in a row. The indicator now stands at minus 43.3 points. This value is below the indicator’s historical average of 25.6 points. A lower value of the indicator was seen last in December 2008. read more
The ZEW Indicator of Economic Sentiment for Germany has dropped by 22.5 points in August 2011. The indicator now stands at minus 37.6 points. This value is below the indicator’s historical average of 25.9 points. read more
The ZEW Indicator of Economic Sentiment for Germany has dropped by 6.1 points in July 2011. The indicator now stands at minus 15.1 points. This value is below the indicator’s historical average of 26.2 points. read more
The ZEW Indicator of Economic Sentiment for Germany has dropped by 12.1 points in June 2011. The indicator now stands at minus 9.0 points. This value is below the indicator’s historical average of 26.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany has dropped by 4.5 points in May 2011. The indicator now stands at 3.1 points. This value is below the indicator’s historical average of 26.5 points. read more
The ZEW Indicator of Economic Sentiment for Germany has dropped by 6.5 points in April 2011. The indicator now stands at 7.6 points. This value is below the indicator’s historical average of 26.6 points. read more
The ZEW Indicator of Economic Sentiment for Germany has dropped by 1.6 points in March 2011. The indicator now stands at 14.1 points. This value is below the indicator’s historical average of 26.7 points. read more
The ZEW Indicator of Economic Sentiment for Germany has remained almost unchanged in February 2011. The indicator has climbed by 0.3 points and now stands at 15.7 points. This value is below the indicator’s historical average of 26.7 points. read more
The ZEW Indicator of Economic Sentiment for Germany has climbed by 11.1 points in January 2011. The indicator now stands at 15.4 points after 4.3 points in the previous month. This value is below the indicator’s historical average of 26.8 points. read more
Compared internationally, the German stock market is expected to show above-average growth in 2011. Stocks in the engineering as well as chemical and pharmaceutical industries are expected to perform particularly well. These are the findings of a survey of 231 financial market experts conducted by ZEW in December 2010. read more
The ZEW Indicator of Economic Sentiment for Germany has climbed by 2.5 points in December 2010. The indicator now stands at 4.3 points after 1.8 points in the previous month. This value is below the indicator’s historical average of 26.8 points. read more
The ZEW Indicator of Economic Sentiment for Germany has climbed by 9.0 points in November 2010. The indicator now stands at 1.8 points after minus 7.2 points in the previous month. This value is below the indicator’s historical average of 26.9 points. read more
The ZEW Indicator of Economic Sentiment for Germany has dropped slightly by 2.9 points in October 2010. The indicator now stands at minus 7.2 points after minus 4.3 points in the previous month. This value is below the indicator’s historical average of 27.0 points. read more
The ZEW Indicator of Economic Sentiment for Germany drops by 18.3 points in September 2010. The indicator now stands at minus 4.3 points after 14.0 points in the previous month. This value is below the indicator’s historical average of 27.2 points. read more
The ZEW Indicator of Economic Sentiment for Germany drops by 7.2 points in August 2010. The indicator now stands at 14.0 points after 21.2 points in the previous month. This value is below the indicator’s historical average of 27.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany drops by 7.5 points in July 2010. The indicator now stands at 21.2 points after 28.7 points in the previous month. This value is below the indicator’s historical average of 27.4 points. read more
The ZEW Indicator of Economic Sentiment for Germany drops by 17.1 points in June 2010. The indicator now stands at 28.7 points after 45.8 points in the previous month. This value is slightly above the indicator’s historical average of 27.4 points. read more
The ZEW Indicator of Economic Sentiment for Germany drops by 7.2 points in May 2010. The indicator now stands at 45.8 points after 53.0 points in the previous month. This value is well above the indicator’s historical average of 27.4 points. read more
The ZEW Indicator of Economic Sentiment for Germany increases by 8.5 points in April 2010. The indicator now stands at 53.0 points after 44.5 points in the previous month. This value is well above the indicator’s historical average of 27.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany moved sidewards in March 2010. The indicator now stands at 44.5 points after 45.1 points in the previous month. This value is well above the indicator’s historical average of 27.2 points. read more
The ZEW Indicator of Economic Sentiment for Germany decreased by 2.1 points in February 2010. The indicator now stands at 45.1 points after 47.2 points in the previous month. This value is well above the indicator’s historical average of 27.1 points. read more
The ZEW Indicator of Economic Sentiment for Germany decreased by 3.2 points in January 2010. The indicator now stands at 47.2 points after 50.4 points in the previous month. This value is still well above the indicator’s historical average of 27.1 points. read more
The outlooks for stock markets in Germany and the USA are quite poor. A final result of an average of about 6,150 points is expected for the German stock market index DAX in 2010. In mid-December the DAX stood at almost 5,900 points and therefore the final result can be seen as a sideward movement rather than an increase. The American Dow Jones Index’s slight increase to the expected 10,650 points is hardly worth mentioning. This is the rather gloomy outlook of the 244 financial market experts surveyed in December 2009 by the Centre for European Economic Research (ZEW), Mannheim. read more
The ZEW Indicator of Economic Sentiment for Germany decreased slightly by 0.7 points in December 2009. The indicator now stands at 50.4 points after 51.1 points in the previous month. This value is still well above the indicator’s historical average of 27.0 points. read more
Car drivers in Germany are willing to spend more money on low-carbon cars. On average they accept a surcharge of 68 euro for a car emitting one gram per kilometre (g/km) of CO2 less. These are the findings of a recent study conducted by the Centre for European Economic Research (ZEW) in Mannheim. The study analyses what customers were willing to pay for low-carbon cars. The automotive industry is forced to invest in the development of low-carbon cars because of new EU regulations. The study indicates that German car buyers are willing to pay more for a new car in order to protect the climate. read more
The ZEW Indicator of Economic Sentiment for Germany decreased slightly by 4.9 points in November 2009 and now stands at 51.1 points after 56.0 points in the previous month. This value is still well above the indicator’s historical average of 26.9 points. read more
In 2008, the number of start-ups in Germany decreased for the forth year in a row. A decline of about seven percent compared to the previous year resulted in only 206,000 start-ups. This is the lowest number of start-ups since the German reunification. The situation was the worst in the construction and trade sectors. Economic sectors like engineering and metrology and control engineering still had a positive development concerning the number of start-ups. These are the findings of a current evaluation by the Mannheim Enterprise Panel at the Centre for European Economic Research (ZEW) in Mannheim. read more
The ZEW Indicator of Economic Sentiment for Germany remains almost unchanged in October 2009. It slightly declines by 1.7 points and now stands at 56.0 points after 57.7 points in the previous month. This value is still well above the indicator’s historical average of 26.7 points. read more
Manager salaries and bonus payments are important topics at the G-20 summit in Pittsburgh this week and during the federal election campaigns in Germany. Disincentives for bank manager salaries are blamed for the financial crisis. A broad majority of financial market expert surveyed by the Centre for European Economic Research (ZEW) assesses the wrong reimbursement system as an important reason for the crisis on the financial market. Almost 90 percent of experts also hold the opinion that a change in the reimbursement system for managers is absolutely necessary. read more
The ZEW Indicator of Economic Sentiment for Germany remained almost unchanged in September 2009. The indicator rose by 1.6 points and now stands at 57.7 points after 56.1 points in the previous month. This value is well above the indicator’s historical average of 26.6 points. read more
The ZEW Indicator of Economic Sentiment for Germany increased considerably in August 2009. The indicator rose by 16.6 points and now stands at 56.1 points after 39.5 points in the previous month. This value is well above the indicator’s historical average of 26.5 points. read more
There is yet no proof of a shortage of bank credits for German firms. On the contrary, the credit volume in Germany, without credits for the German government and among banks, has increased slightly but continually since the beginning of 2008. This is the case despite recession and modest demand for credits. These are the findings of an empiric analysis conducted by the Centre for European Economic Research (ZEW) in Mannheim. read more
The ZEW Indicator of Economic Sentiment for Germany slightly declined in July 2009. The indicator dropped by 5.3 points and now stands at 39.5 points after 44.8 points in the previous month. This value is above the indicator’s historical average of 26.3 points. read more
The high-tech sector cannot escape the economic crisis. The number of start-ups dropped to a new low point in almost every high-tech sector. In total, the number of high-tech start-ups, which had been stable for years, decreased by eleven percent to about 15,300 start-ups in 2008. These are the findings of a study conducted by the Centre for European Economic Research (ZEW) in Mannheim in cooperation with Microsoft Germany. The study was presented today in Munich. The sectors affected the most are advanced technology and technology-oriented services. The development in IT services, especially in the software sector, is rather stable. The high-tech founders expect a clear market adjustment, but they are still optimistic regarding their firms' future. The founders consider the politicians' task to create good general conditions for start-ups in the long run. read more
The ZEW Indicator of Economic Sentiment for Germany improved in June 2009. This is the eighth month in a row with an increase. The indicator rose by 13.7 points and now stands at 44.8 points after 31.1 points in the previous month. This value is above the indicator’s historical average of 26.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany continued to improve in May 2009. The indicator rose by 18.1 points and now stands at 31.1 points after 13.0 points in the previous month. This is above its historical average of 26.2 points. read more
The ZEW Indicator of Economic Sentiment for Germany continued to improve in April 2009. It rose by 16.5 points and now stands at 13.0 points after minus 3.5 points in the previous month. For the first time since July 2007, the indicator realises a positive value, albeit it is still below its historical average of 26.1 points. read more
Direct investments in financial institutions by the Federal State and the establishment of a "bad bank light" is the most suitable way of reorganising German banks which were financially damaged by the economic crisis. In contrast, the full nationalisation of banks and the establishment of a "bad bank" would not provide an appropriate basis for recovering the stability of the financial market. This reflects the expectations of the majority of the 274 financial market experts surveyed by the Centre for European Economic Research (ZEW). read more
The ZEW Indicator of Economic Sentiment for Germany increased slightly in March 2009. The indicator rose by 2.3 points and now stands at minus 3.5 points after minus 5.8 points in the previous month. This is still well below its historical average of 26.2 points. read more
The ZEW Indicator of Economic Sentiment for Germany increased in February 2009 once again. The indicator rose by 25.2 points and now stands at minus 5.8 points after minus 31.0 points in the previous month. This is still well below its historical average of 26.4 points. read more
The ZEW Indicator of Economic Sentiment for Germany increased in January 2009 once again. The indicator rose by 14.2 points and now stands at minus 31.0 points after minus 45.2 points in the previous month. This is still well below its historical average of 26.5 points. read more
The leading indices of the German and US stock markets, Dax and Dow Jones, will recover somewhat next year. This is the result of a survey among 250 financial market experts conducted by the Centre for European Economic Research (ZEW), Mannheim. read more
The ZEW Indicator of Economic Sentiment for Germany increased in December 2008 by 8.3 points. The indicator now stands at minus 45.2 points after minus 53.5 points in the previous month. This is still well below its historical average of 26.8 points. read more
The tax allowances modified by the German economic recovery package only cause slight relief of the companies’ tax burden, but still, this measure is not appropriate for stimulating investment activity. In this regard, a systematic elimination of old burdens inherited by the German corporation tax reform of 2008 would be much more important. This approach focuses on corporate financing and requires a tax relief on equity capital rewards. read more
The ZEW Indicator of Economic Sentiment for Germany increased in November 2008 by 9.5 points. The indicator now stands at minus 53.5 points after minus 63.0 points in the previous month. This is still well below its historical average of 27.1 points. read more
The ZEW Indicator of Economic Sentiment for Germany dropped in October 2008 by 21.9 points. The indicator now stands at minus 63.0 points after minus 41.1 points in the previous month. This is still well below its historical average of 27.5 points. read more
The ZEW Indicator of Economic Sentiment for Germany improved in September 2008 by 14.4 points. The indicator now stands at minus 41.1 points after minus 55.5 points in the previous month. This is still well below its historical average of 28.0 points. read more
At the moment, the partial takeover of Postbank by Deutsche Bank will not lead to job losses. "Only with a possible total takeover at a later moment, jobs will be cut, but not in the same amount as with the takeover of Dresdner Bank by Commerzbank which threatens about 6,500 jobs in Germany", says Matthias Köhler, researcher at the department "International Finance and Financial Management" at the Centre for European Economic Research (ZEW) in Mannheim. read more
The ZEW Indicator of Economic Sentiment for Germany improved in August 2008 by 8.4 points and now stands at minus 55.5 points after minus 63.9 points in the previous month. This is still well below its historical average of 28.3 points. read more
Young German high-tech start-ups quickly take the risk of entering international markets. Within the first years after their foundation, 31 per cent of the start-ups alreadygenerate profits abroad. Start-ups which themselves are intensively committed to research and development (R&D) are especially successful, and are able to make use of their advantage, also on the international stage. But strategic preparation is a must. For 59 per cent of the start-ups that want to enter the international market, the efforts are fruitless. Usually, this is due to the insufficient planning of the internationalisation. The most important market for young German high-tech start-ups is Europe. But also Asian markets do have an increasing importance. These are the results of a current study conducted by the Centre for European Economic Research (ZEW) in Mannheim, Germany, in cooperation with Microsoft Germany. read more
To keep the number of start-ups in Germany on a high level in 2050, the percentage of women venturing into independence has to increase by six percentage points and the number of university graduates by ten percentage points in the next 42 years. If this does not happen, a significant decrease in start-ups in Germany is likely to take place. Due to the demographic change, the 30- to 45-year-old dependent labour force will decline. As most company founders derive from this group, the dynamics of start-ups will slow down. This is likely to result in declining employment figures and a lower innovative strength of the whole economy. These are the findings of a study by the Centre for European Economic Research (ZEW) in Mannheim. The study analyses the parameters which have to be altered to stimulate the start-up activities in a declining and ageing population. read more
The ZEW Indicator of Economic Sentiment for Germany dropped significantly in July 2008. The indicator decreased by 11.5 points and now stands at minus 63.9 points after minus 52.4 points in the previous month. This is still well below its historical average of 28.8 points. read more
Foreign banks have been able to extend their market share in Germany over the past years, especially due to the favourable terms they offer. But, their low reputation is a disadvantage on the German market. However, the low number of branch offices in comparison to their German competitors does not seem to have any negative consequences for them. These are the findings of a current survey among 229 financial market experts conducted by the Centre for European Economic Research (ZEW) in Mannheim, Germany. read more
In 2007, the volume of mergers in the European financial services sector increased to more than 200 billion euros. This year, it is expected that even more mergers in the European banking industry will take place because the acquisition of or the shareholding in European banks is as favourable as it has not been in a long time, states Matthias Köhler, financial market expert at the Centre for European Economic Research (ZEW). He analyses the topic in an article featured in the new issue of the "ZEW Wachstums- und Konjunkturanalysen", a publication which appears quarterly in German language. read more
The ZEW Indicator of Economic Sentiment for Germany dropped significantly in June 2008. The indicator decreased by 11.0 points and now stands at minus 52.4 points after minus 41.4 points in the previous month. This is still well below its historical average of 29.2 points. read more
A serious setback can be expected in the German certificate market if a large German or foreign issuer defaults. In this case, more than two thirds of the 205 financial market experts recently surveyed by the Centre for European Economic Research (ZEW) Mannheim, expect a massive return of certificates. In the short term and even if no issuer defaults, the financial crisis will have a negative effect on the outstanding volume of the German certificate market. On a three to five years time horizon, the experts do not expect a change in the overall outstanding volume. read more
In 2007, there were more high-tech start-ups in Germany than in the previous years. Despite this upward tendency, the number of start-ups is still below the number reached in 1995. These are the findings of a study conducted by the Centre for European Economic Research (ZEW) in Mannheim in cooperation with Microsoft Germany. The study outlines that the number of high-tech start-ups in 2007 increased by four percent compared to the previous year to a total of 19,200 start-ups. The extraordinary good economic situation in the high-tech sectors is the reason for this trend. High-tech start-ups develop contrary to the general trend as the number of start-ups in all economic sectors is still declining. There are clear regional differences concerning the number of high-tech start-ups over the last ten years: Nuremberg surprisingly ranked second after Munich, the Stuttgart region on the other hand lost its place among the top ranks. The study also finds that every twelfth high tech firm in Germany is founded by a majority of women. read more
The ZEW Indicator of Economic Sentiment for Germany stabilized in May 2008. The indicator slightly decreased by 0.7 points and now stands at minus 41.4 points after minus 40.7 points in the previous month. This is still well below its historical average of 29.6 points. read more
The ZEW Indicator of Economic Sentiment for Germany declined in April 2008 by 8.7 points and now stands at minus 40.7 points after minus 32.0 points in the previous month. This is still well below its historical average of 30.0 points. read more
In the German banking sector, outsourcing of business processes will increase further within the next five years. Especially the outsourcing of payment transactions and research has the potential to produce efficiency gains. These are the findings of a recent survey by the Centre for European Economic Research (ZEW), Mannheim, among approximately 215 financial market experts. read more
The ZEW Indicator of Economic Sentiment for Germany rose in March 2008 by 7.5 points and now stands at minus 32.0 points after minus 39.5 points in the previous month. This is still well below its historical average of 30.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany improved in February 2008 by 2.1 points and now stands at minus 39.5 points after minus 41.6 points in the previous month. This is still well below its historical average of 30.7 points. read more
Competition for customers has not only increased during the past two years but will also toughen in the future. These are the findings of a recent survey by the Centre for European Economic Research (ZEW), Mannheim, among approximately 246 financial market experts. read more
The ZEW Indicator of Economic Sentiment for Germany decreased in January 2008 once again and now stands at minus 41.6 points after minus 37.2 points in the previous month. This is still well below its historical average of 31.0 points. read more
For the leading indexes of the German and the U.S. stock markets, Dax and Dow Jones, a rather lower potential for growth can be expected until the end of 2008. At the same time, the Euro will maintain its strength during the next year. This is the result of a current survey among about 230 financial market experts conducted by the Centre for European Economic Research (ZEW) in Mannheim, Germany read more
A recent ZEW study among 2000 entrepreneurs shows that in 2007, research and innovation gained more and more importance. Compared with 2006, research expenditures may raise by 7 per cent. This would be the highest growth rate recorded since 2000. In 2007, 40 per cent of the companies increased their personnel recourses in the area of research and innovation. The driving forces behind this high dynamics are the increasing demand for innovative products and the growing international competition. However, Germany’s governmental high-tech strategy has been proven effective as well. read more
The ZEW Indicator of Economic Sentiment for Germany decreased in December 2007 once again and now stands at minus 37.2 points after minus 32.5 points in the previous month. This is still well below its historical average of 31.4 points. read more
The ZEW Indicator of Economic Sentiment for Germany decreased significantly in November 2007 and now stands at minus 32.5 points after minus 18.1 points in the previous month. This is still well below its historical average of 31.8 points. read more
Nearly all companies in Germany (98 per cent) have internet access by now. Meanwhile the smaller companies that hesitated before setting up an internet connection three years ago have caught up. read more
The ZEW Indicator of Economic Sentiment for Germany remained unchanged in October 2007 and stands like in the previous month at minus 18.1 points. This is still well below its historical average of 32.1 points. read more
According to a current survey of the ZEW-Financial Market Survey, financial market experts have increased their assessment of risk for the worldwide financial system. The Centre for European Economic Research (ZEW) in Mannheim (Germany) has surveyed 235 financial market experts to give their assessment of the impact of the subprime crisis on the stability of the international financial system. According to the survey, 66 percent of the polled experts see high to very high risks for the financial sector. Of those, 18 percent perceive risk to be very high, and 48 percent perceive risk to be high. However, the experts' assessment of risk stops short of predicting failures in the banking-sector on a large scale. Instead, 84 percent of the polled experts expect failures to occur only sporadically. read more
The ZEW Indicator of Economic Sentiment for Germany dropped by 11.2 points in September 2007 and now stands at minus 18.1 points after 6.9 points in August. This is well below its historical average of 32.4 points. read more
The vast majority of above 90 per cent of the 297 financial market experts who were interviewed in the context of the ZEW Financial Market Survey, think that the consideration of environmental and social objectives in business management are important or even very important. Correspondingly, they are very optimistic about the market potential of these so-called sustainable and responsible investments (SRI). More than 70 per cent of those interviewed by the Centre for European Economic Research (ZEW) assume a growing or at least constant market share of SRI. read more
The ZEW Indicator of Economic Sentiment for Germany dropped by 17.3 points in August 2007 and now stands at minus 6.9 points after 10.4 points in July. This is well below its historical average of 32.6 points. read more
The world economy is currently experiencing a phase of rapid change, also in the field of the development, production and exchange of technological goods. Asiatic countries such as India, South Korea, Taiwan, Singapore and China have, since the mid 1990s, worked very hard to catch up with Western industrial nations in research and development (R&D) as well as in innovation. read more
The ZEW Indicator of Economic Sentiment for Germany dropped by 9.9 points in July 2007 and now stands at 10.4 points after 20.3 points in June. This is still below its historical average of 32.8 points. read more
To stay competitive on global markets, German companies need to significantly increase their investments in research and development (R&D). In order to motivate especially small and medium-sized firms, Germany should opt for a direct, tax-based R&D funding, as it already exists in most OECD countries. read more
The ZEW Indicator of Economic Sentiment for Germany dropped by 3.7 points in June 2007 and now stands at 20.3 points after having boasted 24 points in May. This is still below its historical average of 33.0 points. read more
Politics is frequently faced with the problem that reforms, recommended by experts, are met with rejection by large parts of the population. The resistance against change often appears irrational. According to many experts, these changes are of indispensable necessity such as the increase in the statutory retirement age or measures to liberalise the labour market. Against this background, ZEW examined on behalf of the Federal Ministry of Finance the resistance against reforms that takes place on a psychological level and diverges from the assumption of homo oeconomicus' strict rationality. These findings are presented in the current ZEWnews edition of June 2007. read more
In the course of the previous year, the number of high-tech start-ups in Germany stabilised. These are the findings of a study conducted by the Centre for European Economic Research, Mannheim, in cooperation with Microsoft Germany. The study was published today in Berlin. The results suggest that the total of high-tech start-ups in 2006 has remained constant compared to the previous year. Still the overall level remains low. The high-tech sector has thus developed against the general trend as the numbers of new businesses in all economic sectors keeps declining. However, the study also shows that the shortage of skilled workers and financial problems remain serious hindrances to high-tech founders and negatively influence foundation numbers. read more
The ZEW Indicator of Economic Sentiment for Germany has continued its upward trend in May 2007. The indicator rose by 7.5 points and now stands at 24.0 points after 16.5 points in April. This is still below its historical average of 33.0 points. read more
The recovery of the ZEW Indicator of Economic Sentiment for Germany gained momentum in April 2007. The indicator rose by 10.7 points and now stands at 16.5 points after 5.8 points in March. This is still far below its historical average of 33.1 points. read more
In separate niche markets and regarding certain technologies, companies of the German ICT economy (manufacturers and providers of information and communications products and services) take the international lead and do excellent research. Compared to other countries, however, the positioning of Germany in the field of ICT seems less satisfying due to the small size of the German ICT economy in spite of its great potential. read more
The dynamism of the recovery process traced by the ZEW Indicator of Economic Sentiment for Germany slackened off somewhat in March 2007. The indicator rose by 2.9 points and now stands at 5.8 points after 2.9 points in February. This is still far below its historical average of 33.2 points. read more
Why does Europe fail to produce and advance new companies of world standing such as Amazon, Google and Ebay? An international research team of the Centre for European Economic Research (ZEW) in Mannheim and the University of Exeter addressed this question on behalf of the Anglo-German Foundation. read more
A massive share price fall as recently observed at the Shanghai stock market raises the question of whether central banks are able to counteract asset price bubbles on the markets taking the according steps in time. According to the findings of a survey among approximately 270 financial market experts conducted by the Centre for European Economic Research (ZEW), Mannheim, in February 2007, this undertaking has very little chance of success. read more
The ZEW Indicator of Economic Sentiment for Germany continued its recovery in February 2007. Compared with minus 3.6 points in January, the indicator’s current level of plus 2.9 points is still far below its historical average of 33.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany continued its recovery in January 2007. Compared with minus 19 points in December, the indicator’s current level of minus 3.6 point is nevertheless still far below its historical average of 33.5 points. read more
The ZEW Indicator of Economic Sentiment for Germany recovered significantly by 9.5 points in December. Compared with minus 28.5 points in November, the indicator's current level of minus 19.0 points is nevertheless still far below its historical average of 33.7 points. read more
The ZEW Indicator of Economic Sentiment for Germany dropped slightly by 1.1 points in November. Compared with minus 27.4 points in October, the indicator's current level of minus 28.5 points is still far below its historical average of 34.0 points. read more
Since the year 2002 foreign investors have on average acquired about 200 German firms per year. That is, the number of foreign acquisitions in Germany exceeds the number of German acquisitions abroad by about 50 firms per year. This is the result of the M&A balance presented by the Centre for European Economic Research (ZEW) and Bureau van Dijk Electronic Publishing as part of the latest M&A Report. read more
The ZEW Indicator of Economic Sentiment for Germany dropped slightly by 5.2 points in October. Compared with minus 22.2 points in September, the indicator's current level of minus 27.4 points is now far below its historical average of 34.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany dropped by 16.6 points in September. Compared with minus 5.6 points in August, the indicator's current level of minus 22.2 points is now far below its historical average of 34.7 points. read more
The ZEW Indicator of Economic Sentiment for Germany dropped by 20.7 points in August. Compared with 15.1 points in July, the indicator's current level of -5.6 points is now far below its historical average of 35.0 points. read more
The ZEW Indicator of Economic Sentiment for Germany dropped by 22.7 points in July. Compared with 37.8 points in June, the indicator's current level of 15.1 points is now far below its historical average of 35.2 points. read more
The ZEW Indicator of Economic Sentiment for Germany fell by -12.2 points in June. Compared with +50.0 points in May, the indicator's current level of +37.8 points is only slightly above its historical average of +35.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany fell by -12.7 points in May. However, compared with +62.7 points in April, the indicator's current level of +50.0 points is still well above its historical average of +35.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany fell by -0.7 points in April. However, compared with +63.4 points in March, the indicator's current level of 62.7 points is still well above its historical average of 35.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany dropped by -6.4 points in March. Compared with +69.8 points in February, the indicator's current level of +63.4 points is far above its historical average of + 35.1 points. read more
The ZEW Indicator of Economic Sentiment for Germany dropped slightly by -1.2 points in February. Compared with +71.0 points in January, the indicator's current level of 69.8 points is far above its historical average of +34.9 points. read more
The ZEW Indicator of Economic Sentiment for Germany increases significantly by +9.4 points in January. Compared with +61.6 points in December, the indicator's current level of +71 points is far above its historical average of +34.7 points. read more
The ZEW Indicator of Economic Sentiment for Germany increases by a remarkable +22.9 points in December. Compared with +38.7 points in November, the indicator's current level of +61.6 points is far above its historical average of +34.5 points. read more
The ZEW Indicator of Economic Sentiment for Germany decreases slightly in November by -0.7 points. Compared with +39.4 points in October, the indicator's current level of +38.7 points is still above its historical average of +34.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany slightly increases in October. Standing at +39.4 points versus +38.6 points in September, the indicator remains above its historical average of +34.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany decreases by a substantial -11.4 points in September. Standing at +38.6 points versus +50.0 points in August, it is still above its historical average of +34.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany rises by a substantial +13.0 points in August. Standing at +50.0 points compared with +37.0 points in July, it is again clearly above its historical average of +34.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany rises in July by a substantial +17.5 points. At its current level of +37.0 points, compared with +19.5 points in June, the indicator again stands slightly above its historical average of +34.2 points. read more
The ZEW Indicator of Economic Sentiment for Germany rises by a substantial +5.6 points in June. Having reached +13.9 points in May, the indicator's current level of +19.5 points is still far below its historical average of +34.1 points. read more
The ZEW Indicator of Economic Sentiment for Germany fell again in May by a substantial -6.2 points. At its current level of +13.9 points, compared with +20.1 points in April, the indicator is now well below its historical average of +34.2. read more
The ZEW Indicator of Economic Sentiment for Germany decreased by a substantial -16.2 points in April. At its current level of +20.1 points compared with +36.3 points in March the indicator is now significantly below its historical average of +34.4 points. read more
The ZEW Indicator of Economic Sentiment for Germany improved slightly by +0.4 points in March. At its current level of +36.3 points compared with +35.9 points in February the indicator continues to lie approximately at its historical average of +34.5 points. read more
The ZEW Indicator of Economic Sentiment for Germany clearly increases by +9.0 points in February. It now stands at +35.9 points following +26.9 points in January. Thus, the indicator again stands approximately at its historical average of +34.4 points. read more
The ZEW Indicator of Economic Sentiment for Germany clearly increases by 12.5 points in January. It now stands at +26.9 points following +14.4 points in December. Despite this positive development, the indicator is still below its historical average of +34.4 points. read more
With an increase of about 5 percent to date, this year's Dax will not even remotely recapture the 30 percent surge in 2003. The financial market survey conducted by the Centre for European Economic Research (ZEW) in Mannheim, Germany, among 252 analysts and insitutional investors indicates that this may similarily hold for 2005. read more
The ZEW Indicator of Economic Sentiment for Germany marginally increases by +0.5 points in December. Following 13.9 points in November it now stands at 14.4 points. The indicator is thus still well below its historical average of 34.5 points. read more
In an international comparison, job market participation of older professionals in Germany is quite low. At times it has been suggested that this fact may be accounted for by a somewhat low esteem in the general appraisal of such employees by personnel managers. A recent study however, conducted by the Centre for European Economic Research (ZEW) in Mannheim, Germany, finds that this does not hold true. read more
The ZEW Indicator of Economic Sentiment for Germany shows a clear decrease of -17.4 points in November. Now standing at 13.9 points following 31.3 points in October, the indicator is now well below its historical average of 34.6 points. read more
The ZEW Indicator of Economic Sentiment for Germany decreases by 7.1 points in October. The indicator now stands at 31.3 points compared with +38.4 points in September. Hence, it lies below its historical average of +34.7 points. read more
The ZEW Indicator of Economic Sentiment for Germany decreased by 6.9 points in September. The indicator now stands at 38.4 points. Although this value represents a further decline compared to +45.3 points in August, expectations remain above their historical average of +34.8 points. Thus, experts expect a slight medium-term recovery of the economy. read more
The ZEW Indicator of Economic Sentiment for Germany decreases in August by 3.1 points. The indicator now stands at +45.3 points, compared with +48.4 points in July. In spite of the decline, experts expect a moderate recovery for Germany's economy until the beginning of next year. read more
The ZEW Indicator of Economic Sentiment for Germany increased slightly in July. The indicator now stands at +48.4 points, compared with +47.4 points in June. read more
The ZEW Indicator of Economic Sentiment for Germany increased slightly in June. The indicator now stands at +47.4 points, compared with +46.4 points in May. read more
The ZEW Indicator of Economic Sentiment for Germany continues to drop slightly in May. The indicator now stands at +46.4 points compared with +49.7 points in April. read more
The ZEW Indicator of Economic Sentiment for Germany continued to drop significantly in April. The indicator now stands at +49.7 points compared with +57.6 points in March. read more
The ZEW Indicator of Economic Sentiment for Germany dropped significantly in March. The indicator now stands at +57.6 points compared with +69.9 points in February. read more
The ZEW Indicator of Economic Sentiment for Germany decreases slightly in February. The indicator now stands at +69.9 points compared with +72.9 points in January. read more
The ZEW Indicator of Economic Sentiment for Germany stabilised at a high level in January. The indicator now stands at +72.9 points compared with +73.4 points in last year's December. read more
The ZEW Indicator of Economic Sentiment for Germany increased considerably in December. The indicator now stands at +73.4 points compared with +67.2 points in November. read more
The ZEW Indicator of Economic Sentiment for Germany has increased again in November after having consolidated in the previous month. The indicator now stands at +67.2 points compared with +60.3 points in October. read more
The bottoming-out of the persistent downward trend of firm foundations in Germany, since 1999 the case, seems to have been reached. The semi-annual examination of firm foundations in Germany by the Centre for European Economic Research (ZEW) in Mannheim reveals that the number of firm foundations for the year 2002 has stayed the same in comparison to 2001. read more
The ZEW Indicator of Economic Sentiment for Germany fell slightly in October. The indicator now stands at +60.3 points compared with +60.9 points in September. The indicator thus suggests that optimism continues, but uncertainty concerning the economic upswing has not vanished completely. read more
The ZEW Indicator of Economic Sentiment for Germany continued to rise considerably in September. The indicator now stands at +60.9 points in comparison to +52.5 points in August. The analysts thus confirm the expected economic rebound in Germany for the beginning of next year. read more
The ZEW Indicator of Economic Sentiment for Germany continued to increase considerably in August. The indicator now stands at +52.5 points as compared to +41.9 points in July. read more
The ZEW Indicator of Economic Sentiment for Germany increased considerably in July. The indicator gained +20.6 points versus the previous month and now stands at +41.9 points. It is now well above its historical mean of 33 points and signals an economic upswing for the beginning of the next year. read more
The ZEW Indicator of Economic Sentiment for Germany increased for the sixth month in a row in June. Compared with the previous month's result the indicator gained +2.6 points and now stands at +21.3 points. read more
The ZEW Indicator of Economic Sentiment for Germany increased slightly by +0.3 points in May and now stands at +18.7 points versus +18.4 points in the previous month. read more
The ZEW Indicator of Economic Sentiment for Germany increased slightly by +0.7 points compared with the previous month's result and now stands at +18.4 points versus +17.7 points in March. However, separate analyses of the responses over the survey period reveal a strong influence of the Iraq war. read more
The ZEW Indicator of Economic Sentiment for Germany increased to +17.7 points in March. This corresponds to a rise of +2.7 points compared with the previous month. The indicator thus signals cautious optimism for the second half of 2003. read more
The ZEW Indicator of Economic Sentiment for Germany increased slightly by 1.0 points in February. It now stands at +15.0 points compared to +14.0 points in the previous month. Growth in Germany can thus be expected to remain slow in the second half of the year. "The situation remains unstable, we are shifting between hope and fear," says ZEW president Prof. Dr. Wolfgang Franz. read more
The ZEW Indicator of Economic Sentiment for Germany increases in January for the first time in seven months. It now stands at +14.0 points, which corresponds to a rise of 13.4 points compared with the previous month's result. read more
The downward trend of the ZEW Indicator of Economic Sentiment for Germany has lost momentum in December. The indicator now stands at 0.6 points. read more
The ZEW Indicator of Economic Sentiment for Germany deteriorates strongly by 19.2 points in November. It now stands at 4.2 points compared with 23.4 points in the previous month and is thus lower than in October 2001. read more
The ZEW Indicator of Economic Sentiment for Germany declines significantly in October. It is now standing at 23.4 points which corresponds to a decrease of 16.1 points compared with the previous month. read more
In September the ZEW Indicator of Economic Sentiment for Germany is declining for the third consecutive month. It is now standing at 39.5 points which corresponds to a decrease of 3.9 points compared with the previous month's result. read more
The ZEW Indicator of Economic Sentiment for Germany falls by 25.7 points in August. It is now standing at 43.4 points compared with 69.1 points in the previous month. This is the largest decrease in two years. read more
The economic expectations of German analysts have so far been unaffected by the latest stock market decline. The ZEW Indicator of Economic Sentiment for Germany decreased by a slight 0.5 points in July compared with the previous month's result. read more
The ZEW Indicator of Economic Sentiment for Germany increases in June after having declined in May. Compared with the previous month's result the indicator gains +3,3 points and is now standing at +69,6 points. read more
The ZEW Indicator of Economic Sentiment for Germany declines in May. With +66.3 points the index now stands -4.3 points below the value of the previous month (+70.6 points). read more
The ZEW Indicator of Economic Sentiment has slightly declined by -0.6 points in April. The index now stands at +70.6 points after standing at +71.2 in the previous month. read more
The ZEW Indicator of Economic Sentiment again rises sharply. The index now stands at +71.2 points, which is equivalent to an increase of +21.0. read more
The ZEW Indicator of Economic Sentiment derived from the ZEW Financial Market Survey rises to +50.2 points in February. This corresponds to an increase of +14.3 compared with the January result. read more
The ZEW Indicator of Economic Sentiment derived from the ZEW Financial Market Survey rises to +35.9 points in January. This corresponds to an increase of 10.1 points compared with the December result. read more
The ZEW Indicator of Economic Sentiment derived from the ZEW Financial Market Survey has gained 12.7 points in December and is now standing at +25.8. read more
The ZEW Indicator of Economic Sentiment derived from the ZEW Financial Market Survey has increased in November and further continues to stabilize in positive territory. It is currently standing at +13.1 points compared to +9.8 points in the October survey. read more
The ZEW Indicator of Economic Sentiment derived from the ZEW Financial Market Survey shows signs of stabilization in the positive range. It is currently standing at +9.8 points compared to +13.7 points in the September survey. However, it has increased slightly (+1.8 points) in comparison with the share of last month's results that were given after September 11th. read more
The ZEW Indicator of Economic Sentiment derived from the ZEW Financial Market Survey again increased in September. It is now standing at +13.7 points which represents an increase of 2.3 points compared to August 2001. read more
The ZEW Indicator of Economic Sentiment derived from the ZEW Financial Market Survey has increased considerably in August. It is now standing at +11.4 points. read more
The ZEW Indicator of Economic Sentiment derived from the ZEW Financial Market Survey has increased again in July. It currently lies at minus 1.9 points. This corresponds to an increase by 6.2 points within a month. read more
The ZEW Indicator of Economic Sentiment derived from the ZEW Financial Market Survey has decreased again in June after it had increased in April and May. It currently lies at minus 8.1 points. read more
Next year investors should buy primarily European shares: In a model portfolio with shares from Europe, North America, Japan, and the Emerging Markets European values should account for 50 percent of the volume. Investors should invest 28 percent of their portfolio volume in US shares, twelve percent in Japanese securities, and 10 percent in shares of the Emerging Markets. read more