ZEW: Economic expectations worsened in Germany and the euro area in February

By: Trademagazin Date: 2026. 02. 17. 12:18

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Economic expectations deteriorated in Germany and the eurozone in February, according to a report by the ZEW economic research institute on Tuesday.

The ZEW – Leibniz Centre for European Economic Research’s six-month-ahead German economic sentiment index (ZEW Indicator of Economic Sentiment) weakened to plus 58.3 points in February from 59.6 points in January, the highest level since September 2022.

The average of analysts’ expectations was for an indicator to improve to 65.8 points for February.

At the same time, the assessment of the current conditions of the economic environment of the German economic actors included in the survey improved in February, the indicator strengthened from minus 72.7 points in the previous month to minus 65.9 points. Experts had expected minus 65.7 points.

Achim Wambach, president of ZEW, said that the German economy had entered a recovery phase, although it was still very fragile. Significant structural challenges remain, especially in the areas of industry and private investment.

The ZEW survey shows that export-oriented sectors showed moderate to strong improvement in February. The outlook improved in particular for chemicals and pharmaceuticals, steel and metal production, and machinery, which is likely to reflect stronger-than-expected orders at the end of 2025. Despite continued uncertainty, the outlook for private consumption improved.

The ZEW six-monthly economic sentiment indicator for the euro area weakened in February, falling from 40.8 in January, the highest level since July 2024, to 39.4 in February. Analysts’ expectations were for an improving index of 45.7 points for February.

The eurozone indicator of the current economic situation strengthened from minus 18.1 points in January to minus 13.6 points.

The Mannheim-based ZEW economic research institute has been conducting its survey on a monthly basis since 1991. The financial analysts of the approximately 350 banks, insurance companies and large industrial companies surveyed can evaluate it in a range between minus 100 and plus 100 points.