German economic confidence improved notably in December after the announcement of forthcoming Covid-19 vaccine approvals, survey results from the ZEW – Leibniz Centre for European Economic Research showed on Tuesday.

The ZEW Indicator of Economic Sentiment climbed more-than-expected to 55.0 in December from 39.0 in the previous month.

The score was expected to advance to 45.5. Economic expectations have largely recovered from the sharp decline posted in November.

Sentiment improved in December despite the still high numbers of new coronavirus infections. This is most likely due to the announced forthcoming Covid-19 vaccine approvals, ZEW President Achim Wambach said.

However, the current situation index dropped to -66.5 from -64.3 in November. This was the second consecutive fall. Economists had forecast the indicator to fall to 66.0.

The financial market experts’ sentiment concerning the economic development of the euro area improved even more significantly than for Germany, bringing the indicator to 54.4 points in December, up from 32.8 in the previous month, ZEW said.

At the same time, the indicator for the current economic situation in the currency bloc gained only 0.7 points to minus 75.7 points in December, data showed.

Data released by Eurostat showed that the euro area economy logged its biggest growth on record in the third quarter driven by household spending, investment and exports.

Eurozone gross domestic product grew 12.5 percent sequentially, reversing the 11.7 percent fall in the second quarter. Germany’s GDP was up 8.5 percent in the third quarter.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.