2023-09-12 14:17:05
German investor sentiment unexpectedly improved in September, as investors awaited a halt to interest rate hikes.
The ZEW Institute for Economic Research reported on Tuesday that its economic sentiment index rose to minus 11.4 points from minus 12.3 points in August.
Analysts polled by Archyde.com had expected a reading of minus 15 in August.
“The brighter prospects for the German economy are in line with a more positive outlook towards global stock market developments,” said the institute’s president, Achim Wambach.
The European Commission has revised down its forecasts for the growth of Germany’s economy this year, anticipating a contraction in the German economy in 2023, compared to previous expectations of slight growth.
The Commission announced that Europe’s largest economy will shrink this year by -0.4 percent.
Previous Commission forecasts showed that the German economy would grow by 0.2 percent earlier.
The European Commission also lowered its expectations for the performance of Germany’s economy during the year 2024, with data showing that Germany’s economy will grow next year by 1.1 percent, compared to previous expectations that it will grow by 1.4 percent.
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