The ZEW index for measuring business confidence in Germany recorded a decline of about 14.8 points in the May survey, to reach -10.7, coming in the negative zone for the first time since December 2022, while expectations were indicating a decline to -5.4 points, as the decline in the index in May was affected by the decline in the assessment of the current economic situation by about 2.3 points, to reach -34.8.
The decline in the index of economic confidence in the largest economy in the Eurozone reflected investors’ fears of the economy slipping into recession On the other hand, the index concerned with the euro zone declined to -9.4 points, down by about 15.8 points, compared to a growth of about 6.4 in the April reading, while expectations were for a decline to -1, despite the improvement of the current situation index to 27.5, an increase of 2.7 points.
On the other hand, the gross domestic product of the eurozone grew by 0.1% in the first quarter of this year, matching market expectations, while it rose by 0.2% in the European Union.
01/11/2024
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