The Indicator of Economic Sentiment for Germany in July decreased significantly by 11.5 points and stands at minus 63.9 points after minus 52.4 points in June, the lowest level since December 1992, according to the figure released by the Center for European Economic Research (ZEW) Tuesday.
The historical average level of the indicator is 28.8 points. The much lower level in July reflects the increasing worry about German economy in the next six months by experts and analysts in a context of high oil price, the strong euro, the crisis in the United States, the ECB's interest-rate hike and Germany's weak domestic demand.
"The current problems of U.S. mortgage banks demonstrate that the financial crisis is not over yet. Naturally, this has reinforced the worries of the financial market experts about the economic development in Germany in the next year," said ZEW President Prof. Wolfgang Franz.
Source:Xinhua
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