The ZEW Indicator of Economic Sentiment Stands at 28.1 Points

The ZEW Indicator of Economic Sentiment for Germany increased again in the current February 2023 survey. The indicator reaches a new level of 28.1 points, 11.2 points above the level of the previous month. This marks the fifth increase in a row and the second month with a meanwhile significantly positive outcome. The assessment of the economic situation in Germany also continues to improve, this time comparatively strongly. The corresponding indicator currently stands at minus 45.1 points, 13.5 points higher than in the previous month. This is the fourth increase in a row. Nevertheless, this indicator is still far in negative territory.


“Meanwhile a large fraction of the survey participants expects the economic situation to improve in six months’ time. However, the current situation is still assessed as relatively unfavourable. As in the previous month, the increase in expectations can be traced back to higher profit expectations in the energy- and export-oriented sectors as well as the consumer-related parts of the economy. Expectations for longterm interest rates are also rising and the banking sector indicator has reached its highest level since 2004,” comments ZEW President Professor Achim Wambach on current expectations.

The financial market experts’ sentiment concerning the economic development of the eurozone also improved considerably in February. The indicator climbed 13.0 points to a current level of 29.7 points. The situation indicator increased by 13.2 points to a new level of minus 41.6 points.

Inflation expectations in the eurozone remained almost constant at a level of minus 83.4 points.