ZEW Indicator Continues to Show Cautious Optimism

In November 2025, expectations about Germany’s economic situation remain practically unchanged. Settling at plus 38.5 points, they fall short of the previous month’s reading by minus 0.8 points. The assessment of the current economic situation also remains largely unchanged. The situation indicator for Germany is minus 78.7 points and thus exceeds the previous month’s value by plus 1.3 points.

“The ZEW indicator of economic sentiment remains stable. But the overall mood is characterised by a fall in confidence in the capacity of Germany’s economic policy to tackle the pressing issues. Although the investment programme is likely to provide economic stimulus, the structural problems continue to exist,” comments ZEW President Professor Achim Wambach, PhD on the most recent survey results.

In the chemical and metal sectors in particular, the outlook is deteriorating, and the banking and insurance industry also reports declining figures compared to the previous month. In contrast, private consumption has rebounded significantly, by plus 13.3 points. The electrical engineering, telecommunications and IT industries as well as the services sector have also rallied and report positive earnings, albeit at lower levels.

The expectations for the eurozone remain stable. They are currently at plus 25.0 points, which is plus 2.3 points above the reading of the previous month. The assessment of the economic situation is slightly increasing; at minus 27.3 points, it is currently plus 4.5 points above the previous month’s value.