Germany’s ZEW Indicator of Economic Sentiment edged up to 34.7 in September 2026, its highest level since February, but fell short of market expectations of 37. The reading points to cautious optimism about the recovery in Europe’s largest economy, which is expected to remain supported by fiscal stimulus and measures to boost exports. However, significant risks remain. High energy costs linked to the ongoing war with Iran, alongside uncertainty from hybrid attacks, continue to weigh on the outlook. At the sector level, the insurance industry benefited from higher interest rates, with its sentiment balance rising 12.1 points to 46.4. The improvement in the banking sector was also notable, as its balance climbed 8.2 points from August to 52.9. By contrast, the steel and metal production sector and the automotive industry remained in negative territory. The assessment of current conditions also improved markedly, surging 14 points to -47.1, its highest level since June 2023. source: Centre for European Economic Research (ZEW)

ZEW Economic Sentiment Index in Germany increased to 34.70 points in September from 34.20 points in August of 2026. ZEW Economic Sentiment Index in Germany averaged 21.30 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 September of 2026.

ZEW Economic Sentiment Index in Germany increased to 34.70 points in September from 34.20 points in August of 2026. ZEW Economic Sentiment Index in Germany is expected to be 34.00 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 25.00 points in 2027 and 30.00 points in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-08-18 09:00 AM
ZEW Economic Sentiment Index
Aug 34.2 26.3 30 28.5
2026-09-15 09:00 AM
ZEW Economic Sentiment Index
Sep 34.7 34.2 37 34
2026-10-20 09:00 AM
ZEW Economic Sentiment Index
Oct 34.7



Components Last Previous Unit Reference
ZEW Current Conditions -47.10 -61.10 points Sep 2026

Related Last Previous Unit Reference
Bankruptcies 2266.00 1995.00 Companies Jun 2026
Ifo Business Climate 88.80 86.70 points Aug 2026
Capacity Utilization 77.90 78.20 percent Sep 2026
Car Production 229900.00 322700.00 Units Aug 2026
Car Registrations 212563.00 268068.00 Units Aug 2026
Changes in Inventories 15.88 11.74 EUR Billion Jun 2026
Composite Leading Indicator 100.99 100.86 points Aug 2026
Corporate Profits 237.38 227.26 EUR Billion Jun 2026
Corruption Index 77.00 75.00 Points Dec 2025
Corruption Rank 10.00 15.00 Dec 2025
Electricity Price 143.32 143.32 EUR/MWh Sep 2026
Factory Orders MoM 2.50 3.70 percent Jul 2026
Ifo Current Conditions 88.50 86.50 points Aug 2026
Ifo Expectations 89.10 86.80 points Aug 2026
Industrial Production -1.60 -0.50 percent Jul 2026
Industrial Production MoM -1.10 0.00 percent Jul 2026
Manufacturing Production -3.20 -0.80 percent Jul 2026
Mining Production -4.30 -6.60 percent Jul 2026
Natural Gas Stocks Capacity 247.49 247.49 TWh Sep 2026
Natural Gas Stocks Injection 394.16 712.45 GWh/d Sep 2026
Natural Gas Stocks Inventory 141.04 140.67 TWh Sep 2026
Natural Gas Stocks Withdrawal 22.10 5.40 GWh/d Sep 2026
New Orders 95.50 93.20 points Jul 2026
New Car Registrations YoY 2.60 1.20 percent Aug 2026
Steel Production 2800.00 2900.00 Thousand Tonnes Jul 2026
ZEW Economic Sentiment Index 34.70 34.20 points Sep 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
34.70 34.20 89.60 -63.90 1991 - 2026 points Monthly
NSA

News Stream
German Investor Sentiment Improves but Misses Forecasts
Germany’s ZEW Indicator of Economic Sentiment edged up to 34.7 in September 2026, its highest level since February, but fell short of market expectations of 37. The reading points to cautious optimism about the recovery in Europe’s largest economy, which is expected to remain supported by fiscal stimulus and measures to boost exports. However, significant risks remain. High energy costs linked to the ongoing war with Iran, alongside uncertainty from hybrid attacks, continue to weigh on the outlook. At the sector level, the insurance industry benefited from higher interest rates, with its sentiment balance rising 12.1 points to 46.4. The improvement in the banking sector was also notable, as its balance climbed 8.2 points from August to 52.9. By contrast, the steel and metal production sector and the automotive industry remained in negative territory. The assessment of current conditions also improved markedly, surging 14 points to -47.1, its highest level since June 2023.
2026-09-15
Germany Investor Morale Improves More than Expected
Germany's ZEW Indicator of Economic Sentiment rose 7.9 points to 34.2 in August 2026, well above market expectations of 30 and reaching its highest level since February, suggesting that confidence in the German economy is strengthening despite ongoing geopolitical risks. Expectations for future activity became more optimistic, with 44% of analysts anticipating an economic improvement over the coming months, compared with just 9.8% expecting deterioration. Views of current conditions also improved, with the corresponding indicator rising 16.5 points to -61.1. Sentiment strengthened across all major sectors, particularly the automotive industry. Analysts cited strong corporate results, resilient exports and government infrastructure spending as key supports. Consumer expectations improved as well, although risks remain, including exceptionally low water levels on the Rhine, which could disrupt transportation and weigh on economic activity.
2026-08-18
German Investor Sentiment Climbs to Five-Month High
Germany's ZEW Indicator of Economic Sentiment rose 15.8 points to 26.3 in July 2026, following a 20.7-point jump in June and comfortably beating market expectations of 18. The reading marked the highest level since February, before the Middle East conflict weighed on global confidence, suggesting that Germany's reform package is beginning to support the economic outlook. The improvement was driven by stronger expectations for export-oriented industries and resilient domestic demand, although the conflict in Iran and elevated oil prices remain key risks to the recovery. Most sectors posted gains in July, led by mechanical engineering (+14.5 points) and private consumption (+14.7 points). The construction sector also improved by 12.7 points, approaching neutral territory. Meanwhile, the chemical, pharmaceutical, and metal industries remained in negative territory despite modest gains, while the automotive sector weakened sharply, with its sentiment balance falling 11.3 points to -46.6.
2026-07-21