© Reuters. FILE PHOTO: The skyline with the financial district is photographed during sunset in Frankfurt, Germany, April 22, 2020, as the spread of the coronavirus disease (COVID-19) continues. REUTERS/Kai PfaffenbachBERLIN (Reuters) – Investor sentiment in Germany remained at a very high level in July despite a more-than-expected drop as forecasts for a strong economic recovery rose, a survey showed on Tuesday.
The ZEW economic research institute said its survey of investors’ economic sentiment fell to 63.3 from 79.8 points in the previous month. A Reuters poll had forecast a fall to 75.2.
A separate ZEW gauge of current conditions surged to 21.9 from -9.1 points in June, moving to positive territory for the first time in two years. That compared with a consensus forecast for 5.0 points.
“The economic development continues to normalise,” ZEW President Achim Wambach said in a statement. “In the meantime, the situation indicator for Germany has clearly overcome the coronavirus-related decline.”
He added: “The financial market experts therefore expect the overall economic situation to be extraordinarily positive in the coming six months.”
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