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German investors see reason for confidence
By Geir Moulson |
September 16, 2009, Wednesday
|
Print Edition
Print Edition
GERMAN investor confidence rose slightly in September to its highest level in over three years on mounting expectations for a gradual recovery, but stopped short of most economists' forecasts, a survey found yesterday.
The ZEW institute's monthly confidence index rose to 57.7 points in September from 56.1 in August. That put the survey, which measures investors' outlook for the next six months, at the highest since its April 2006 level of 62.7. The result was well above the index's historical average of 26.6 points, but fell short of economists' consensus expectation of an increase to 60.
"The economic expectations for Germany are consistent with the picture that the German economy is recovering, but at a slow pace," ZEW head Wolfgang Franz said.
ZEW said the financial experts it surveyed are more optimistic about private consumption - although prospects are weighed down by the recent end of a popular government car-scrapping bonus scheme and by fears that unemployment will rise.
Germany is emerging from a deep recession. The export-driven economy was hit hard by slumping international demand but returned to modest growth of 0.3 percent in the second quarter.
Frederik Ducrozet, an economist at Calyon Capital Markets Research, forecast "a significant rebound" in the third quarter, with gross domestic product expanding by 0.8 percent compared with the second quarter.
The ZEW institute's monthly confidence index rose to 57.7 points in September from 56.1 in August. That put the survey, which measures investors' outlook for the next six months, at the highest since its April 2006 level of 62.7. The result was well above the index's historical average of 26.6 points, but fell short of economists' consensus expectation of an increase to 60.
"The economic expectations for Germany are consistent with the picture that the German economy is recovering, but at a slow pace," ZEW head Wolfgang Franz said.
ZEW said the financial experts it surveyed are more optimistic about private consumption - although prospects are weighed down by the recent end of a popular government car-scrapping bonus scheme and by fears that unemployment will rise.
Germany is emerging from a deep recession. The export-driven economy was hit hard by slumping international demand but returned to modest growth of 0.3 percent in the second quarter.
Frederik Ducrozet, an economist at Calyon Capital Markets Research, forecast "a significant rebound" in the third quarter, with gross domestic product expanding by 0.8 percent compared with the second quarter.
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