Germany’s ZEW Indicator of Economic Sentiment rose by seven points to -10.2 in May 2026, recovering from an over three-year low of -17.2 in April and surpassing market expectations of -19.8. While the improvement signals brightening expectations, the indicator remains in negative territory as investors hope for a swift resolution to the Iran conflict. However, weak industrial production, rising energy prices, and inflation above 2% continue to dampen the outlook. A cautious recovery is emerging for the second half of 2026, contingent on the Middle East conflict subsiding and government stimulus measures taking effect. Sectoral performance varied: the automotive sector worsened by 13 points to -57.2 and mechanical engineering declined by 9.2 points to -32.1, while the IT sector improved by 12.1 points to 56.6, and metal production and construction saw gains. Meanwhile, the current economic situation index fell to -77.8, its lowest level since December 2025 and below the expected -77.5. source: Centre for European Economic Research (ZEW)

ZEW Economic Sentiment Index in Germany increased to -10.20 points in May from -17.20 points in April of 2026. ZEW Economic Sentiment Index in Germany averaged 21.25 points from 1991 until 2026, reaching an all time high of 89.60 points in January of 2000 and a record low of -63.90 points in July of 2008. This page provides the latest reported value for - Germany Zew Economic Sentiment Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Germany ZEW Economic Sentiment Index - data, historical chart, forecasts and calendar of releases - was last updated on May of 2026.

ZEW Economic Sentiment Index in Germany increased to -10.20 points in May from -17.20 points in April of 2026. ZEW Economic Sentiment Index in Germany is expected to be -16.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Germany ZEW Economic Sentiment Index is projected to trend around 10.00 points in 2027 and 5.00 points in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-04-21 09:00 AM
ZEW Economic Sentiment Index
Apr -17.2 -0.5 -5 -10
2026-05-12 09:00 AM
ZEW Economic Sentiment Index
May -10.2 -17.2 -19.8 -21
2026-06-16 09:00 AM
ZEW Economic Sentiment Index
Jun -10.2 -16



Components Last Previous Unit Reference
ZEW Current Conditions -77.80 -73.70 points May 2026

Related Last Previous Unit Reference
Bankruptcies 1919.00 2037.00 Companies Jan 2026
Ifo Business Climate 84.40 86.30 points Apr 2026
Capacity Utilization 77.40 77.70 percent Mar 2026
Car Production 249163.00 400800.00 Units Apr 2026
Car Registrations 249163.00 294161.00 Units Apr 2026
Changes in Inventories 21.01 20.55 EUR Billion Dec 2025
Composite Leading Indicator 100.90 100.92 points Apr 2026
Corporate Profits 210.63 207.12 EUR Billion Dec 2025
Corruption Index 77.00 75.00 Points Dec 2025
Corruption Rank 10.00 15.00 Dec 2025
Electricity Price 97.71 97.49 EUR/MWh May 2026
Factory Orders MoM 5.00 1.40 percent Mar 2026
Ifo Current Conditions 85.40 86.70 points Apr 2026
Ifo Expectations 83.30 85.90 points Apr 2026
Industrial Production -2.80 -0.20 percent Mar 2026
Industrial Production MoM -0.70 -0.50 percent Mar 2026
Manufacturing Production -3.60 -0.60 percent Mar 2026
Mining Production -4.80 0.30 percent Mar 2026
Natural Gas Stocks Capacity 247.75 247.75 TWh May 2026
Natural Gas Stocks Injection 262.62 171.75 GWh/d May 2026
Natural Gas Stocks Inventory 70.61 70.52 TWh May 2026
Natural Gas Stocks Withdrawal 137.10 69.80 GWh/d May 2026
New Orders 92.90 88.50 points Mar 2026
New Car Registrations YoY 2.70 16.00 percent Apr 2026
Steel Production 3300.00 2800.00 Thousand Tonnes Mar 2026
ZEW Economic Sentiment Index -10.20 -17.20 points May 2026


Germany ZEW Economic Sentiment Index
In Germany, the ZEW Economic Sentiment Index measures the level of optimism that analysts have about the expected economic developments over the next 6 months. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the development of the economy. Therefore, the ZEW indicator measures the confidence on a scale of -100 (all analysts expect the economy to deteriorate) up to 100 (all analysts expect it to improve). A 0 value indicates neutrality.
Actual Previous Highest Lowest Dates Unit Frequency
-10.20 -17.20 89.60 -63.90 1991 - 2026 points Monthly
NSA

News Stream
German Investor Sentiment Improves in May
Germany’s ZEW Indicator of Economic Sentiment rose by seven points to -10.2 in May 2026, recovering from an over three-year low of -17.2 in April and surpassing market expectations of -19.8. While the improvement signals brightening expectations, the indicator remains in negative territory as investors hope for a swift resolution to the Iran conflict. However, weak industrial production, rising energy prices, and inflation above 2% continue to dampen the outlook. A cautious recovery is emerging for the second half of 2026, contingent on the Middle East conflict subsiding and government stimulus measures taking effect. Sectoral performance varied: the automotive sector worsened by 13 points to -57.2 and mechanical engineering declined by 9.2 points to -32.1, while the IT sector improved by 12.1 points to 56.6, and metal production and construction saw gains. Meanwhile, the current economic situation index fell to -77.8, its lowest level since December 2025 and below the expected -77.5.
2026-05-12
German Economic Sentiment Falls to Over 3-Year Low
Germany’s ZEW Indicator of Economic Sentiment plunged by 16.7 points to -17.2 in April 2026, marking its lowest level since December 2022 and falling far short of market expectations of -5. The sharp decline, following March’s third-largest monthly drop in the indicator’s history, reflects deepening pessimism as the escalating Middle East conflict weighs on Germany’s economic outlook. ZEW President Prof. Achim Wambach warned that the Iran war’s impact extends beyond rising prices, with fears of long-term energy shortages dampening investment and undermining government stimulus efforts. Sectoral expectations remain heavily affected: while the automotive industry stayed relatively stable (at -44.2), outlook for the chemical and pharmaceutical sectors (down 11 points) and steel and metal production (down 21 points) deteriorated sharply. Meanwhile, construction sector expectations slipped into negative territory, declining by 3.8 points.
2026-04-21
Germany’s ZEW Sentiment Plummets on Middle East Conflict
Germany’s ZEW Indicator of Economic Sentiment plummeted by 58.8 points to -0.5 in March 2026, down from 58.3 in February and far below market expectations of 39, as sentiment was severely impacted by the escalating conflict in the Middle East. This marks the third largest monthly decline in the indicator’s history, following a 65.6-point drop in April 2025 after the US announced new tariffs and a 93.6-point fall in March 2022 in the wake of Russia’s invasion of Ukraine. The intensifying Middle East crisis is driving energy prices sharply higher and fueling inflationary pressures, raising concerns that Germany’s economic recovery could be derailed. The ultimate impact will hinge on the conflict’s duration and severity, but financial experts remain doubtful that a quick resolution is likely. Meanwhile, the assessment of the current economic situation strengthened, with the index climbing 3.0 points to -62.9, surpassing expectations of -67.3.
2026-03-17