ZEW Indicator Stabilises While Economic Situation Continues to Deteriorate

After its most recent collapse in August 2025, the ZEW indicator has stabilised in September at plus 37.3 points, thus exceeding the previous month’s reading by plus 2.6 points. However, the assessment of the current economic situation continues to deteriorate. Settling at minus 76.4 points, the situation indicator for Germany is minus 7.8 points below the reading recorded in the previous month.

“Financial market experts are cautiously optimistic and the ZEW indicator has stabilised, but the economic situation has worsened. There are still considerable risks, as uncertainty about the US tariff policy and Germany’s ‘autumn of reforms’ continues,” comments ZEW President Professor Achim Wambach, PhD on the current survey results. The outlook has improved in particular for export-oriented sectors, which had recently suffered a strong decline. Among the industries that benefit most are the automotive sector, the chemical and pharmaceutical industry and the metal sector. Nevertheless, the three indicators for these industries continue to be in the negative range.

The expectations for the eurozone have also slightly improved and are currently at plus 26.1 points, which is plus 1.0 points above the reading of the previous month. In contrast to the indicator for Germany, the assessment of the economic situation in the eurozone has increased slightly: At minus 28.8 points it is currently plus 2.4 points above the value recorded in the previous month.