FRANKFURT, Germany (AP) — A German survey of economic confidence among investment professionals rose more than expected in August, helped by signs of returning growth in the eurozone currency bloc.
The ZEW institute survey index rose to 42.0 points, more than expected by market analysts and well above its long-term average of 23.7.
The Mannheim-based institute said the higher reading was supported by the first signs of an end to the recession in other important eurozone countries, and by robust domestic demand in Germany.
Second-quarter growth figures for Germany and the eurozone come out tomorrow. Germany is expect to show relatively strong growth, while the eurozone may have inched out of recession after six quarters of falling output.
The ZEW survey is based on responses from professional investment analysts in the financial services industry.