19 January 2010 18:15 [Source: ICIS news]
TORONTO (ICIS news)--Analysts have become more sceptical in their outlook for Germany’s economy, expecting a “burdensome” way out of the recession rather than a quick recovery, according to a survey by the ZEW centre for European economic research on Tuesday.
The centre's key economic sentiment indicator fell to 47.2 points in January, down 3.2 points from December, marking its fourth consecutive decline, it said.
The indicator is based on a survey of 295 analysts between 4 and 18 January who were asked about their expectations for ?xml:namespace>
The latest data suggested a “burdensome and long” way out of the recession, said ZEW president Wolfgang Franz.
"The assessment of the financial market experts suggests that we will see an economic recovery in 2010 at best, but not a clear economic upswing,” he added.
As for sector outlooks, automobile and consumer consumption were likely to “develop downwards” in the first half of 2010, ZEW said, citing the survey findings.
However, business expectations for the German machinery sector was improving, it said.
ZEW’s findings echoed similar sentiments by the country’s federal finance ministry on Tuesday.
The ministry, in announcing a record €85.8bn ($124.3bn) deficit in its draft fiscal 2010 budget, warned not to expect a “self-sustaining” economic recovery for this year.
For 2010, Frankfurt-based chemical industry association VCI is forecasting a 5% increase in production.
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