Expectations Remain Negative, Situation at a 3-Year Low

ZEW Indicator of Economic Sentiment

The ZEW Indicator of Economic Sentiment Stands at minus 11.4 Points

The ZEW Indicator of Economic Sentiment for Germany recorded a slight increase in the current September 2023 survey, just as it did in the previous month. At minus 11.4 points, it is 0.9 points above the previous month’s value. In contrast, the assessment of the economic situation in Germany continues to worsen considerably. The corresponding indicator fell 8.1 points to a new value of minus 79.4 points. This is the lowest value in three years.


“The assessment of the current economic situation in Germany by the financial market experts is even more pessimistic than in August 2023. This development puts into perspective the slight improvement in expectations regarding Germany’s economic situation over the next six months. The brighter economic prospects for Germany align with a notably more optimistic view of international stock market developments. This is, at least in part, attributed to the increasing proportion of respondents who anticipate stable interest rates in the eurozone and the USA. Additionally, the experts expect a further easing of China’s interest rate policy,” comments ZEW President Professor Achim Wambach on the survey results.

The financial market experts’ sentiment concerning the economic development of the eurozone experienced a decline in September and currently stands at minus 8.9 points, 3.4 points below the previous month’s value. The situation indicator for the eurozone also decreased slightly, falling 0.6 points to a new reading of minus 42.6 points.

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