German investor sentiment rose faster than expected in May for the 10th straight month, rising faster than expected in the past two years, on expectations for an interest rate cut by the European Central Bank in June and increased export demand from China. reached the highest level. The findings of the investigation were revealed on Tuesday.
Germany’s ZEW business confidence index rose to 47.1 from 42.9 in April. Economists had predicted 44.9.
The index has been steadily rising since -12.3 last August. The latest score is the highest since February 2022.
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The indicator reflecting the assessment of Germany’s current economic situation rose from -79.2 to -72.3. Economists had expected May’s reading to be -75.0. The latest measurements were the strongest since August last year.
ZEW President Achim Wambach said the sustained improvement in German investor confidence was due to better-than-expected economic growth in the first quarter.
Germany’s economy avoided recession in the first quarter thanks to exports and construction investment, and gross domestic product (GDP) rose 0.2% from the previous quarter, exceeding expectations.
“There are increasing signs of economic recovery, with the eurozone as a whole and China gaining recognition as key export markets,” Wambach said.
“The increased optimism is reflected in a sharp rise in expectations, particularly for domestic consumption, followed by the construction and machinery sectors.”
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