Big German Economic Sentiment Survey Soars Past Expectations, As Eurozone Recession Comes To A Close

The highly respected ZEW Economic Sentiment index soared past expectations, with the August reading coming in at 42.0, which is well above the 39.9 that had been expected.

Here's the announcement:

The ZEW Indicator of Economic Sentiment for Germany has increased by 5.7 points in August 2013. The indicator now stands at the 42.0 points-mark (historical average: 23.7 points). This is the highest mark since March 2013.

First signs of an end to the recession in important Eurozone-countries may have contributed to the
indicator’s rise. This is also reflected by the strong increase of economic expectations for the Eurozone. Furthermore, the economic optimism is supported by the robust domestic demand in Germany.

The assessment of the current economic situation for Germany has also improved in August. The respective indicator has increased by 7.7 points to the 18.3 pointsmark.

In August there was a strong rise of economic expectations for the Eurozone. The respective indicator has climbed by 11.2 points to a level of 44.0 points. The indicator for the current economic situation in the Eurozone has gained 0.6 points and now stands at the minus 74.1 points-mark.