A closely watched survey of investment analysts suggests that the outlook for the German economy has not changed in September, a development that fell short of market forecasts.
ZEW's main index for the outlook for the coming six months came in at 0.5 points, short of the 2.5 points expected by market observers and the long-term average of 24.1.
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The flat reading follows disappointing data on German exports and industrial production.
ZEW head Achim Wambach said Tuesday that conflicting trends made forecasting difficult but that the data still suggest that the German economy "will remain favorable" over the coming six months.
In spite of recent disappointing signals, Germany's economy is growing and enjoying low unemployment, as support for its recovery broadens from exports to demand from consumers at home.