German economic sentiment slids on the eurozone crisis

Source: CNBC
© scanpix/AFP
German economic sentiment dropped unexpectedly in November, since the eurozone crisis caused a contraction in Europe's most powerful economy. According to data provided by the ZEW Center for European Economic research, the index tracking expectations of investors and analysts tumbled to -15.7 in November, considerably lower than the forecast reading of -9.8, from -11.5 the prior month. ZEW said the weakened sentiment occurred on shrinking private sector, worsened business sentiment and tumbling exports, as the industrial orders slumped by 3.3% on monthly basis in September.

"It's more or less a sign that the German economy is continuing to weaken over the next six months but not in the sense of a sharp recession as we see in the other European countries," said Christian Dick, ZEW economist, pointing out that a slump in the sentiment does not indicate economic recession.

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