Business confidence · Germany
Germany ZEW Economic Sentiment Index
The Germany ZEW Economic Sentiment Index asks companies in Germany how they judge current business conditions and what they expect for the coming months.
- Wichtigkeit
- Medium
- Veröffentlicht
- Monthly
- Nächste Veröffentlichung
- Währung
- EUR · euro
- Zentralbank
- The European Central Bank (with the Bundesbank)
Neueste Zahlen
Die letzte Veröffentlichung, für OCT, erschien am 2026-10-20 und lag bei 28.1. Das liegt unter dem Konsens von 30. Das ist weniger als 34.7 beim letzten Mal.
A weaker figure than expected points to slowing activity: the euro tends to soften and markets price in lower rates.
In den letzten 12 Veröffentlichungen lag der Wert zwischen -17.2 und 59.6, im Schnitt 25.7.
| Veröffentlicht | Für | Ist | Konsens | Vorher |
|---|---|---|---|---|
| 20 Oct 2026 | OCT | 28.1 | 30 | 34.7 |
| 15 Sep 2026 | SEP | 34.7 | 37 | 34.2 |
| 18 Aug 2026 | AUG | 34.2 | 30 | 26.3 |
| 21 Jul 2026 | JUL | 26.3 | 18 | 10.5 |
| 16 Jun 2026 | JUN | 10.5 | -6 | -10.2 |
| 12 May 2026 | MAY | -10.2 | -19.8 | -17.2 |
| 21 Apr 2026 | APR | -17.2 | -5 | -0.5 |
| 17 Mar 2026 | MAR | -0.5 | 39 | 58.3 |
| 17 Feb 2026 | FEB | 58.3 | 65 | 59.6 |
| 20 Jan 2026 | JAN | 59.6 | 50 | 45.8 |
| 16 Dec 2025 | DEC | 45.8 | 38.5 | 38.5 |
| 11 Nov 2025 | NOV | 38.5 | 40 | 39.3 |
Warum es wichtig ist
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.
So wird gerechnet
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.
Was Veränderungen bedeuten
- The expectations component turns first; watch its direction over several months.
- A gap between strong current conditions and weak expectations often marks a peak.
Höher als erwartet: A stronger figure than expected points to a healthier economy: it usually supports the euro and local stocks, and can push bond yields up.
Niedriger als erwartet: A weaker figure than expected points to slowing activity: the euro tends to soften and markets price in lower rates.
Eine kurze Geschichte
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.
Fragen
What is the Germany ZEW Economic Sentiment Index?
The Germany ZEW Economic Sentiment Index asks companies in Germany how they judge current business conditions and what they expect for the coming months.
What was the latest Germany ZEW Economic Sentiment Index?
28.1 for OCT, published on 20 October 2026 (consensus 30, previous 34.7).
When is the next Germany ZEW Economic Sentiment Index?
On Tuesday 17 November 2026 at 10:00 UTC.
Nur Bildungsinhalte, keine Anlageberatung. Die Zahlen sind die veröffentlichten Ergebnisse, wie sie unser Kalender erfasst hat; die beschriebenen Marktreaktionen sind typisch, nicht garantiert.