ZURICH (MaceNews) – Economic sentiment in Germany rose to its highest reading in May since February of 2000, as the third wave of the COVID-19 pandemic has slowed, according to the latest report from the ZEW Institute in Mannheim.
The Economic Sentiment index for Germany rose 13.7 points to 84.4 in May, far surpassing economists’ estimates. The median forecast in an Econoday survey of economists was for 71.1.
Current conditions improved as well, up 8.7 points to -40.1 and a better result than expected by the Econoday median of -42.4.
The assessment of the economic situation has also improved noticeably. The experts expect a significant economic upswing in the coming six months. The economic outlook for the euro area and the United States has improved considerably as well,” commented ZEW President Achim Wambach on the report.
Sentiment in the Eurozone was even more bullish than in Germany, with the index rising 17.7 points to 84.0 and current conditions up 14.1 points to -51.4.
On May 25, Germany’s Ifo Institute will release its business sentiment.
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