Deutschland ZEW-Konjunkturerwartungen

Germany’s ZEW Indicator of Economic Sentiment rose sharply to 45.8 in December 2025, the highest in five months, compared to 38.5 in November and well above forecasts of 38.5. Improvements were seen in the auto sector (+7.7 to -22) and in other export-oriented sectors, including the chemical and pharmaceutical industries and metal production. “xpectations have become more positive. After three years of economic stagnation, chances for a recovery of the economy are good and this is reflected in the sentiment. The expansive fiscal policy will provide new momentum to the German economy. However, the recovery remains fragile. Measures for dealing with persistent trade conflicts, geopolitical tensions and the absence of investments are likely to figure on the reform agenda for 2026 as well”, according to ZEW President Prof. Achim Wambach. On the other hand, the current conditions gauge worsened to -81, the lowest since May, from -78.7 in April and compared to forecasts of -80.