Europe > Western Europe > Germany > German Investor Confidence Climbs To 42-Month High

Germany: German Investor Confidence Climbs To 42-Month High

2013/10/23

Confidence part German investors surged to its highest level in three and a half years in October as the economy began to turn the corner with Europe showing signs of recovery, a survey by the Center For European Economic Research or ZEW revealed Tuesday.

The ZEW indicator of economic sentiment increased to 52.8 in October from 49.6 in September, the Mannheim-based think tank said. The index reading was the highest since April 2010.

The indicator has instantly increased for a third consecutive month. Economists had estimate the reading to remain the same as in September. ZEW surveys up to 350 financial experts for compiling the statement.

The indicator measuring opinion about the current economic situation for Germany fell slightly to 29.7 from 30.6 in September. This was estimate to increase to 31.3.

\"The financial market experts remain optimistic,\" ZEW President Clemens Fuest said. \"At present a better impact of the debate on the deficit ceiling in the USA is not visible,\" he noted.

The ZEW economic expectations index for the Eurozone increased marginally to 59.1 in October from 58.6 in the previous month. The indicator for the current economic situation in the Eurozone decreased to -60.9 from -59.7.

The Ifo Institute\'s business climate survey for Germany showed last month that business confidence has improved for a fifth consecutive month in September as the economy made a confident start to the autumn.

The German economy expanded 0.7 % sequentially in the second quarter next stagnating in the initial quarter. The Bundesbank expects increase to continue in the months ahead.

The International Monetary Fund this month upgraded its economic increase projections for Germany and instantly expects the gross domestic product to grow 0.5 % this year before expanding 1.4 % in 2014.

However, the economy ministry was somewhat less optimistic about the economic prospects. In a statement last week, the ministry said that Germany\'s economic increase will likely remain moderate in the second half of 2013. It as well noted that the outlook for the export sector was weak.

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