German investor confidence falls in November

10 November 2009 20:33  [Source: ICIS news]

TORONTO (ICIS news)--German investor confidence dropped in November as rising unemployment and the expiration of government stimulus measures cast a shadow over consumption in Europe's largest economy, research institute ZEW said on Tuesday.

The institute's ZEW economic sentiment indicator dropped 4.9 points from October to 51.1, it said.

"The upward trend of the economic expectations is interrupted for the time being,” ZEW president Wolfgang Franz said.

Analysts surveyed for ZEW’s latest poll did not expect a big economic boost in growth next year but rather seemed to anticipate “small steps,” he said.

The ZEW indicator is based on a survey of 287 analysts conducted from 26 October to 9 November.

Meanwhile, Germany’s economic ministry said that production in Europe's largest economy rose 2.7% in September from August, after a revised 1.8% increase in August from July.

For the third quarter ended September, production rose 3.5% from the second quarter.

However, compared with the 2008 third quarter, production was down 15.4%.

Germany’s chemicals production rose 4% in the third quarter from the second, according to chemical producers association VCI. However, the Frankfurt-based group maintained its earlier projection of a 10% full-year decline in production from 2008 levels. 

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By: Stefan Baumgarten
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