Business confidence · Germany
Germany ZEW Current Conditions
The Germany ZEW Current Conditions asks companies in Germany how they judge current business conditions and what they expect for the coming months.
- Importance
- Medium
- Released
- Monthly
- Next release
- Currency
- EUR · euro
- Central bank
- The European Central Bank (with the Bundesbank)
Latest figures
The latest release for OCT, published on 20 October 2026, came in at -35.9, above the consensus of -45, up from -47.1 the time before.
A stronger figure than expected points to a healthier economy: it usually supports the euro and local stocks, and can push bond yields up.
Over the last 12 releases it ranged from -81.0 to -35.9, averaging -68.0; it has been rising for three releases in a row.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 20 Oct 2026 | OCT | -35.9 | -45 | -47.1 |
| 15 Sep 2026 | SEP | -47.1 | -52.2 | -61.1 |
| 18 Aug 2026 | AUG | -61.1 | -69.5 | -77.6 |
| 21 Jul 2026 | JUL | -77.6 | -77.8 | -81.0 |
| 16 Jun 2026 | JUN | -81.0 | -78 | -77.8 |
| 12 May 2026 | MAY | -77.8 | -77.5 | -73.7 |
| 21 Apr 2026 | APR | -73.7 | -70 | -62.9 |
| 17 Mar 2026 | MAR | -62.9 | -67.3 | -65.9 |
| 17 Feb 2026 | FEB | -65.9 | -65.7 | -72.7 |
| 20 Jan 2026 | JAN | -72.7 | -75.5 | -81.0 |
| 16 Dec 2025 | DEC | -81.0 | -80 | -78.7 |
| 11 Nov 2025 | NOV | -78.7 | -77.5 | -80.0 |
Why it matters
Confidence leads hiring and investment decisions, so these surveys often turn before the hard data. Germany's Ifo and ZEW, and Japan's Tankan, are among the most market-moving releases for the euro and the yen.
How it is calculated
Survey answers (better/same/worse) are turned into a balance (positive minus negative answers) or an index around a long-run average of 100; the release separates current conditions from expectations.
What changes mean
- The expectations component turns first; watch its direction over several months.
- A gap between strong current conditions and weak expectations often marks a peak.
Higher than expected: A stronger figure than expected points to a healthier economy: it usually supports the euro and local stocks, and can push bond yields up.
Lower than expected: A weaker figure than expected points to slowing activity: the euro tends to soften and markets price in lower rates.
A short history
Business tendency surveys began in Germany (Ifo) and other European countries after the Second World War; the Bank of Japan's Tankan has been run for decades, and the ZEW financial-expert survey since 1991.
Questions
What is the Germany ZEW Current Conditions?
The Germany ZEW Current Conditions asks companies in Germany how they judge current business conditions and what they expect for the coming months.
What was the latest Germany ZEW Current Conditions?
-35.9 for OCT, published on 20 October 2026 (consensus -45, previous -47.1).
When is the next Germany ZEW Current Conditions?
On Tuesday 17 November 2026 at 10:00 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.