German investor morale slips on energy supply fears - ZEW
Reuters
Published Sep 13, 2022 05:38AM ET
Updated Sep 13, 2022 05:52AM ET
BERLIN (Reuters) -German investor sentiment fell further than expected in September as concerns over the country's energy supply increasingly weigh on the outlook for Europe's largest economy.
The ZEW economic research institute said on Tuesday its economic sentiment index fell to -61.9 points from -55.3 points in August. Economists polled by Reuters had pointed to a September reading of -60.0.
The monthly survey of 167 analysts also found a lower-than-expected assessment of the current situation, with the ZEW index falling to -60.5 in September from -47.6 the month before.
"The prospect of energy shortages in winter has made expectations even more negative for large parts of the German industry," said ZEW President Achim Wambach.
Germany's economy ministry said in a report on Tuesday that the economy could stagnate or contract in the second half of the year and the outlook had "dramatically worsened".
"Things can't really get any worse," said LBBW bank senior economist Jens-Oliver Niklasch, who added that a recession is already a foregone conclusion. "The question now is how far down the economy can go - and where inflation can still go," he said.
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Written By: Reuters
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