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ZEW Survey – Economic Sentiment

The Economic Sentiment published by the Zentrum für Europäische Wirtschaftsforschung measures the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic. A positive number means that the share of optimists outweighs the share of pessimists. usually, an optimistic view is considered as positive (or bullish) for the EUR, whereas a pessimistic view is considered as negative (or bearish).

Most recent - Tuesday 12 August 2025 09:00

Previous
36.1
Forecast
28.1
Actual
25.1

Lower numbers than forecast tend to be bullish for xxx/EUR pairs and bearish for EUR/xxx pairs.

Trading range

Forecast history

The most recent announced value for ZEW Survey – Economic Sentiment was 25.1 against a forecast of 28.1.

Past events

Date
Forecast
Actual
Tuesday 12 August 2025 09:00
28.1
25.1
Tuesday 15 July 2025 09:00
37.8
36.1
Tuesday 17 June 2025 09:00
23.5
35.3
Tuesday 13 May 2025 09:00
-3.5
11.6
Tuesday 15 April 2025 09:00
14.2
-18.5
Tuesday 18 March 2025 10:00
39.6
39.8
Tuesday 18 February 2025 10:00
24.3
24.2
Tuesday 21 January 2025 10:00
16.9
18
Tuesday 17 December 2024 10:00
12.2
17
Tuesday 12 November 2024 10:00
20.5
12.5
Tuesday 15 October 2024 09:00
16.9
20.1
Tuesday 17 September 2024 09:00
17.6
9.3
Tuesday 13 August 2024 09:00
35.4
17.9
Tuesday 16 July 2024 09:00
48.1
43.7
Tuesday 18 June 2024 09:00
47.8
51.3
Tuesday 14 May 2024 09:00
46.1
47
Tuesday 16 April 2024 09:00
37.2
43.9
Tuesday 19 March 2024 10:00
25.4
33.5
Tuesday 13 February 2024 10:00
20.1
25
Tuesday 16 January 2024 10:00
21.9
22.7
Tuesday 12 December 2023 10:00
12
23
Tuesday 14 November 2023 10:00
-
13.8
Tuesday 17 October 2023 09:00
-8
2.3
Tuesday 12 September 2023 09:00
-
-8.9
Tuesday 15 August 2023 09:00
-12
-5.5
Tuesday 11 July 2023 09:00
-10.2
-12.2
Tuesday 13 June 2023 09:00
-1.5
-10
Tuesday 16 May 2023 09:00
8.2
-9.4
Tuesday 18 April 2023 09:00
19.8
6.4
Tuesday 21 March 2023 10:00
23.2
10
Tuesday 21 February 2023 10:00
-29.7
29.7
Tuesday 17 January 2023 10:00
-61.5
16.7
Tuesday 13 December 2022 10:00
-25.7
-23.6
Tuesday 15 November 2022 10:00
-67
-38.7
Tuesday 18 October 2022 09:00
-60.6
-59.7
Tuesday 13 September 2022 09:00
-52
-60.7

Economic context

Recent economic data has been broadly neutral for EUR. Other recent announcements which may affect the market's interpretation of the next ZEW Survey – Economic Sentiment result:

PreviousLatest
Gross Domestic Product (QoQ)Bearish change-0.1%-0.3%
Gross Domestic Product (YoY)Bearish change0.4%0.2%
Gross Domestic Product w.d.a (YoY)Bearish change0%-0.2%
Consumer ConfidenceBearish change-14.7-15.5
HCOB Composite PMIBullish change50.951.1
HCOB Manufacturing PMIBullish change49.850.5
HCOB Services PMIBearish change5150.7
HCOB Composite PMIBullish change50.650.9
HCOB Manufacturing PMIBullish change49.149.9
HCOB Services PMIBearish change50.650.1
HCOB Composite PMIBullish change48.649.8
HCOB Manufacturing PMIBullish change48.249.9
HCOB Services PMIBullish change48.549.7
Core Harmonized Index of Consumer Prices (MoM)(no change)-0.2%-0.2%
Core Harmonized Index of Consumer Prices (YoY)(no change)2.3%2.3%
Harmonized Index of Consumer Prices (MoM)(no change)0%0%
Producer Price Index (MoM)Bearish change0.1%-0.1%
Producer Price Index (YoY)Bearish change-1.3%-1.5%
Employment Change (QoQ)Bearish change0.2%0.1%
Gross Domestic Product s.a. (QoQ)(no change)0.1%0.1%
Gross Domestic Product s.a. (YoY)(no change)1.4%1.4%
Industrial Production s.a. (MoM)Bearish change1.1%-1.3%
Consumer Price Index (EU norm) (YoY)(no change)0.9%0.9%
Harmonized Index of Consumer Prices (YoY)(no change)2.7%2.7%
Harmonized Index of Consumer Prices (MoM)(no change)0.4%0.4%
Harmonized Index of Consumer Prices (YoY)(no change)1.8%1.8%
ZEW Survey – Current SituationBearish change-59.5-68.6
ZEW Survey – Economic SentimentBearish change52.734.7
Consumer Price Index (EU Norm) (YoY)(no change)1.7%1.7%
Consumer Price Index (YoY)(no change)1.7%1.7%

About ZEW Survey – Economic Sentiment

Country:Eurozone
Currency:EUR
Source:ZEW - Leibniz Centre for European Economic Research
Category:Economic Activity
Frequency:Monthly

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