ZEW Indicator of Economic Sentiment
A Leading Indicator for the German Economy.
The ZEW Indicator of Economic Sentiment is ascertained monthly. Up to 350 financial experts take part in the survey. The indicator reflects the difference between the share of analysts that are optimistic and the share of analysts that are pessimistic for the expected economic development in Germany in six months. The survey also asks for the expectations for the Eurozone, Japan, Great Britain and the U.S.A..
Latest press release
Detailed results of the latest survey
Release dates 2013 (as PDF file, 21 KB)
Release dates 2014 (as PDF file, 24 KB)
Studies on the ZEW Indicator of Economic Sentiment and on other indicators for the German economy
- A recent ZEW study analyzed the forecasting qualities of the ZEW Indicator
and the ifo business expectations (West Germany). Download
a summary of the results. The comment of the ifo institute can be found
in the ifo-Schnelldienst 10/2001 (G. Goldrian: "Anmerkungen zu einer
Untersuchung des prognostischen Gehalts von ifo Geschäfts- und
The ZEW Indicators of Economic Sentiment for Germany and Europe show
a significant one-month lead in comparison to the sentix-Economic Indices
- An overview of scientific papers based on the financial market survey data can be downloaded here
Download the historical time series in EXCEL-Format. It is also available via Thomson Financial Datastream and Bloomberg.
Calculation of the ZEW Indicator of Economic Sentiment