German economic confidence improved strongly in April, survey data from the ZEW – Leibniz Centre for European Economic Research showed Tuesday.
The ZEW Indicator of Economic Sentiment advanced 77.7 points to 28.2 points in April. This was well above the forecast of -42.3.
Meanwhile, the current conditions index plunged 48.4 points to -91.5 points. The expected reading was -77.5.
This constellation of values currently witnessed for expectations and the assessment of the current situation roughly corresponds to that seen in April/May 2009 during the financial crisis, ZEW said.
ZEW President Achim Wambach said the financial market experts are beginning to see a light at the end of the very long tunnel.
The results of the special questions on the coronavirus crisis included in the survey show that the experts do not expect to see positive economic growth until the third quarter of 2020, Wambach added.