FXstreet.com (Barcelona) - German forward looking ZEW economic index has bounced up in February after having posted a sharp decline in January, which signals an slight economic recovery by mid year, according to data released by the private institute of economic research.

The ZEW economic sentiment index has improved to -39.5 points in February from -41.6 points in the previous month, yet below the average level of 30.7 points. The assessment of the current economic situation, however, has worsened considerably, falling by 22.9 points to a level of 33.7.

Ecnomic expectations for the Euro Area have improved slightly reaching 41.4 points, from 41.1 points in January, while the current situation index for the Euro Area has dropped 26.0 points to 21.8 points.