2018.08.1405:51:00UTC+00German ZEW Economic Confidence Strengthens In August

Germany's economic confidence improved more than expected in August, survey data from the Centre for European Economic Research showed Tuesday.

The ZEW Indicator of Economic Sentiment climbed notably to -13.7 in August from -24.7 in July, the Mannheim-based think tank said.

The expected score was -21.3. Nonetheless, the indicator remained significantly below its long-term average of +23.0.

The current conditions index of the survey rose only 0.2 points to 72.6 in August. Economists had forecast the score to fall to 72.1.

"The recent agreement in the trade dispute between the EU and the United States has led to a considerable rise in expectations for Germany and also, to a lesser degree, for the Eurozone," ZEW President Achim Wambach, said.

"However, the economic outlook for Germany is now significantly less favorable than it was six months ago," Wambach added.

The euro area economic sentiment index improved to -11.1 in August from -18.7 in the previous month. Meanwhile, the current situation index fell 6.2 points to 30.0.