German Economic Expectations Beat Forecasts ______________________________________ German economic expectations beat forecasts in October, remaining at their highest level since April 2010, according to a survey of analysts and institutional investors Tuesday, indicating that the economic recovery is broadening. The ZEW sentiment survey showed that the economic expectations indicator rose further above its long-term average in October, to 52.8 points from 49.6 points in September--beating economists expectations for an unchanged reading. By comparison, the historical average is 23.9 points. Financial market experts remain optimistic, and current intense negotiations in the U.S. about the debt ceiling have had no visible impact on the overall survey results, said ZEW President Clemens Fuest. The 237 analysts and institutional investors who responded to the ZEW poll were less optimistic about the current economic situation. The corresponding ZEW indicator declined to 29.7 points in October from 30.6 points in September. And, despite the optimism, German economic data from trade and industry have been painting a more mixed picture. While industrial production bounced back in August from Julys slump, German manufacturing orders remained slack, slipping 0.3% in August from July. Economists forecast that the German economy grew less in the third quarter than in the second quarter, but that the expansion would pick up again toward the end of the year. They expect Europes largest economy to have grown by around 0.3% in the third quarter compared with the previous quarter.
Posted on: Tue, 15 Oct 2013 10:22:35 +0000
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