Economic sentiment in Germany, as measured by the ZEW index, took a hit in March even while a measure that gauges current conditions also came in below expectations.
The ZEW economic sentiment index for March stood at 46.6, down from 55.7 in the previous reading while the index that measures feelings about current economic conditions came in at 51.3, up from 50.0 in February. A Wall Street Journal consensus estimate had pegged the numbers to read 52.0 and 52.7 respectively.
“In this month’s survey the Crimea Crisis is weighing on experts’ economic expectations for Germany,” Clemens Fuest, ZEW’s president, said in a statement, adding: “Nevertheless, the indicator’s level suggests that the economic upswing is currently not at risk.”
Economic expectations for the euro zone too dropped in March with the indicator at 61.5, down from 68.5 in the previous reading, while the index to gauge the current economic situation in the region gained 3.5 points to reach a level of minus 36.7 points in March, the statement noted.