Germany’s ZEW Indicator of Economic Sentiment slipped to 58.3 in February 2026 from January’s more than four-year high of 59.6, falling short of market expectations of 65. The broadly steady reading points to a fragile recovery in Europe’s largest economy. Structural challenges in industry and investment persist, highlighting the need for reforms to boost Germany’s business appeal. Export-oriented sectors recorded moderate to strong gains in February, likely reflecting stronger-than-expected order intake toward the end of 2025. Sentiment improved notably in chemicals and pharmaceuticals (up 7.5 points), steel and metals (up 8.6 points), and mechanical engineering (up 10.9 points). The outlook for private consumption also strengthened, rising 6.0 points despite lingering uncertainty. By contrast, sentiment deteriorated in banking, information technology, and insurance. Meanwhile, the assessment of current conditions continued to improve, with the situation index rising to -65.9. source: Centre for European Economic Research (ZEW)

ZEW Economic Sentiment Index in Germany decreased to 58.30 points in February from 59.60 points in January of 2026. ZEW Economic Sentiment Index in Germany averaged 21.48 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 March of 2026.

ZEW Economic Sentiment Index in Germany decreased to 58.30 points in February from 59.60 points in January of 2026. ZEW Economic Sentiment Index in Germany is expected to be 55.00 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
2026-01-20 10:00 AM
ZEW Economic Sentiment Index
Jan 59.6 45.8 50 49
2026-02-17 10:00 AM
ZEW Economic Sentiment Index
Feb 58.3 59.6 65 61
2026-03-17 10:00 AM
ZEW Economic Sentiment Index
Mar 58.3 55

Components Last Previous Unit Reference
ZEW Current Conditions -65.90 -72.70 points Feb 2026

Related Last Previous Unit Reference
Bankruptcies 1794.00 2108.00 Companies Nov 2025
Ifo Business Climate 88.60 87.60 points Feb 2026
Capacity Utilization 78.00 77.30 percent Dec 2025
Car Production 305900.00 263500.00 Units Jan 2026
Car Registrations 193981.00 246439.00 Units Jan 2026
Changes in Inventories 21.01 20.55 EUR Billion Dec 2025
Composite Leading Indicator 101.40 101.26 points Jan 2026
Corporate Profits 205.48 210.51 EUR Billion Sep 2025
Corruption Index 77.00 75.00 Points Dec 2025
Corruption Rank 10.00 15.00 Dec 2025
Electricity Price 97.75 97.08 EUR/MWh Feb 2026
Factory Orders MoM 7.80 5.70 percent Dec 2025
Ifo Current Conditions 86.70 85.70 points Feb 2026
Ifo Expectations 90.50 89.60 points Feb 2026
Industrial Production -0.60 0.50 percent Dec 2025
Industrial Production MoM -1.90 0.20 percent Dec 2025
Manufacturing Production -0.30 1.00 percent Dec 2025
Mining Production 2.40 3.20 percent Dec 2025
Natural Gas Stocks Capacity 251.14 251.14 TWh Feb 2026
Natural Gas Stocks Injection 296.38 238.65 GWh/d Feb 2026
Natural Gas Stocks Inventory 51.67 51.46 TWh Feb 2026
Natural Gas Stocks Withdrawal 125.20 196.20 GWh/d Feb 2026
New Orders 100.10 92.90 points Dec 2025
New Car Registrations YoY -6.60 9.70 percent Jan 2026
Steel Production 3100.00 2700.00 Thousand Tonnes Jan 2026
ZEW Economic Sentiment Index 58.30 59.60 points Feb 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
58.30 59.60 89.60 -63.90 1991 - 2026 points Monthly
NSA

News Stream
German ZEW Sentiment Weaker than Expected
Germany’s ZEW Indicator of Economic Sentiment slipped to 58.3 in February 2026 from January’s more than four-year high of 59.6, falling short of market expectations of 65. The broadly steady reading points to a fragile recovery in Europe’s largest economy. Structural challenges in industry and investment persist, highlighting the need for reforms to boost Germany’s business appeal. Export-oriented sectors recorded moderate to strong gains in February, likely reflecting stronger-than-expected order intake toward the end of 2025. Sentiment improved notably in chemicals and pharmaceuticals (up 7.5 points), steel and metals (up 8.6 points), and mechanical engineering (up 10.9 points). The outlook for private consumption also strengthened, rising 6.0 points despite lingering uncertainty. By contrast, sentiment deteriorated in banking, information technology, and insurance. Meanwhile, the assessment of current conditions continued to improve, with the situation index rising to -65.9.
2026-02-17
German Investor Morale Surges to Over 4-Year High
Germany’s ZEW Indicator of Economic Sentiment jumped to 59.6 in January 2026, marking its highest reading since July 2021 and well above market expectations of 50. Investors are optimistic that 2026 could signal a turning point for the economy. The recently finalized Mercosur trade agreement is also expected to bolster prospects for export-intensive sectors, even as the uncertainty surrounding US trade policy continues to weigh on exporters. Export-oriented industries have shown notable improvements. Sentiment balances in the steel and metal industries and mechanical engineering rose by 18.2 and 22.7 points, respectively. The automotive sector’s balance improved by 16.5 points to -5.5, while the chemical and pharmaceutical industries and electrical engineering saw increases of 12.4 and 14.0 points. The assessment of the current economic situation also strengthened, with the index climbing 8.3 points to -72.7, surpassing expectations of -75.5.
2026-01-20
Germany Investor Morale Improves
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.
2025-12-16