German indicator of business optimism dips slightly

Markets Associated Press

A survey of investment analysts shows optimism about the German economy fell slightly in July.

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The ZEW research institute's indicator fell 1.1 points to 17.5 points, remaining below the survey's long-term average of 23.8 points.

ZEW head Achim Wambach said the results didn't change the outlook much.

He said in a statement Tuesday that "our overall assessment of the economic development in Germany remains unchanged compared to the previous month."

Germany's economy, the largest in the 19-country eurozone, has been growing steadily thanks to exports and strengthening consumer demand amid low unemployment at home. Output rose 0.6 percent in the first quarter from the previous three-month period, and 1.7 percent from the year before.