Germany’s ZEW economic sentiment survey drops for sixth straight month to 44.5 points in March
By APTuesday, March 16, 2010
German investor confidence drops again in March
FRANKFURT — German investor confidence slipped for the sixth month in a row in March as expectations settled for a slow recovery in the next half-year, a closely watched survey showed Tuesday.
The confidence index of the ZEW Institute showed investors’ March outlook for the next six months dropped to 44.5 points from 45.1 points in February. The survey is viewed by many as an accurate barometer for the economic outlook in Germany, Europe’s biggest economy.
ZEW, or the Center for European Economic Research, based in Mannheim, said that despite the decline, the index remains well above the historical average of 27.2 points.
Earlier Tuesday, the Federal Statistical Office revised its 2009 export figures slightly upward.
The Federal Statistical Office said that Europe’s biggest economy exported goods and services worth €808.2 billion (a little over $1.1 trillion) last year. It initially reported a figure of €803.2 billion last month.
The revision doesn’t change the fact that Germany lost its crown as the world’s leading exporter to China last year. Beijing has put its 2009 exports at more than $1.2 trillion.
Germany’s economy returned to growth last year after a deep recession. The statistical office said fourth-quarter exports were down only 6.4 percent on the year at €216.7 billion.
