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Index rise signals no slump in Germany
Source: Agencies |
December 12, 2012, Wednesday
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Print Edition
Print Edition
AN index of German investor optimism rose more than expected in December, suggesting market professionals think Europe's largest economy will avoid an outright recession.
The ZEW indicator of economic sentiment rose to plus 6.9 points, from minus 15.7 in November. Markets had expected the index to rise only to minus 11.5.
Wolfgang Franz, head of the ZEW, or Centre for European Economic Research, said yesterday the results showed that while German growth would cool off through the rest of the year Germany will "not have to face a recession."
However, he said that largely depended on the debt crisis afflicting the 17-country eurozone does not deepen again.
Though market fears that a European government will need a bailout or default on its debt have eased in recent months, the news that Italian Prime Minister Mario Monti plans to leave office ahead of schedule has renewed some tensions this week. Monti's announcement came at the very end of the survey period, on Saturday.
ZEW surveyed 278 investment professionals from November 26 through Monday.
Germany's economy grew a modest 0.2 percent in the third quarter and hopes are for a weak last quarter of the year.
Germany's Ifo index and surveys of purchasing managers have also risen recently.
The ZEW indicator of economic sentiment rose to plus 6.9 points, from minus 15.7 in November. Markets had expected the index to rise only to minus 11.5.
Wolfgang Franz, head of the ZEW, or Centre for European Economic Research, said yesterday the results showed that while German growth would cool off through the rest of the year Germany will "not have to face a recession."
However, he said that largely depended on the debt crisis afflicting the 17-country eurozone does not deepen again.
Though market fears that a European government will need a bailout or default on its debt have eased in recent months, the news that Italian Prime Minister Mario Monti plans to leave office ahead of schedule has renewed some tensions this week. Monti's announcement came at the very end of the survey period, on Saturday.
ZEW surveyed 278 investment professionals from November 26 through Monday.
Germany's economy grew a modest 0.2 percent in the third quarter and hopes are for a weak last quarter of the year.
Germany's Ifo index and surveys of purchasing managers have also risen recently.
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