The ZEW Indicator of Economic Sentiment for Germany records a decrease of 5.2 points in May 2019, and now stands at minus 2.1 points. The indicator’s long-term average is 22.1 points. Over the same period, the assessment of the economic situation in Germany has improved by 2.7 points, with the corresponding indicator climbing to a current reading of 8.2 points. The development of production and exports in Germany as well as Eurostat’s most recent flash estimate of GDP growth in the euro area in the first quarter of 2019 give rise to the hope that the German economy, too, has grown more strongly than expected in the first quarter.

The ZEW indicator fell by 5.2 points to a value of minus 2.1 points in May
ZEW Indicator of Economic Sentiment for Germany, May 2019

“The decline in the ZEW Indicator of Economic Sentiment shows that the financial market experts continue to expect restrained economic growth in Germany for the next six months. The most recent escalation in the trade dispute between the USA and China again increases the uncertainty regarding German exports – a key factor for the growth of the gross domestic product,” comments  ZEW President Professor Achim Wambach.

The financial market experts’ sentiment concerning the economic development of the eurozone also experienced a drop. The corresponding indicator currently stands at minus 1.6 points, 6.1 points below the reading from the previous month. By contrast, the indicator for the current economic situation in the eurozone climbed 6.2 points to a level of minus 7.0 points in May. The economic outlook for the eurozone therefore also remains rather subdued.


More information and studies on the ZEW Indicator of Economic Sentiment and the release dates 2019 (as PDF file, 28 KB) and the historical time series (as Excel file, 81 KB)