German economic confidence deteriorated sharply in August, survey data from the ZEW - Leibniz Centre for European Economic Research showed Tuesday.
The ZEW Indicator of Economic Sentiment for Germany fell more-than-expected to 40.4 from 63.3 in July. The score was forecast to drop moderately to 56.7.
The assessment of the economic situation advanced 7.4 points to 29.3 points in August. But this was below the economists' forecast of 30.0.
"The clear improvement in the assessment of the economic situation, which has been ongoing for months, shows that expectations are also weakening due to the higher growth already achieved," ZEW President Achim Wambach, said.
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