Expectations play a fundamental role in economic theory. Survey based expectations carry economically important and timely information on the current and future development of economy. The main aim of this project is to conduct detailed empirical analysis on the formation of expectation of financial analysts, and to improve the method for aggregating individual expectations. In this context we will analyse the monthly ZEW-Finanzmarkttests micro level expectation data (in particular the heterogeneity of individual expectations).