ZURICH (MaceNews) – Economic sentiment in Germany fell in October as supply bottlenecks for raw materials and intermediate products hamper the economy, according to the latest report from the ZEW Institute in Mannheim.
The ZEW index of economic sentiment fell 4.2 points to 22.3 in October, below the 24.0 median of an Econoday survey of economists’ forecasts.Current conditions also declined in October, down 10.3 points to 21.6, and well below the 29.5 median Econoday forecast.
“The economic outlook for the German economy has dimmed noticeably. The further decline of the ZEW Indicator of Economic Sentiment is mainly due to the persisting supply bottlenecks for raw materials and intermediate products.
The financial market experts expect profits to go down, especially in export-oriented sectors such as vehicle manufacturing and chemicals/pharmaceuticals,” comments ZEW President Professor Achim Wambach on current expectations.
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