A key poll of investment analysts shows their outlook for the German economy has slipped for the fifth month in a row because of doubts that growth will improve much.
The ZEW indicator of economic sentiment fell to 25.0 points in August from 29.7 points the month before.
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Despite the decline, the index remains near its long-term average of 24.9, meaning the outlook is still upbeat for Europe's biggest economy, which is enjoying low unemployment and respectable growth.
ZEW head Clemens Fuest said Tuesday that while the German economy remains in relatively good shape, "under the current geopolitical and global economic circumstances a substantial improvement" can't be expected.
The German economy grew 0.3 percent in the first quarter from the quarter before. Second quarter figures are expected Friday.