Confidence in German economy worsens in September

ANKARA

Confidence in the German economy worsened for the third month in a row in September, said an economic research institute on Tuesday, amid concerns over possible energy shortages this winter.

The Leibniz Centre for European Economic Research’s (ZEW) gauge of expectations plunged from minus 55.3 in August to minus 61.9 in September, its lowest level since October 2008.

The figure was worse than market estimates of minus 60 for September.

An index of current conditions also deteriorated in Europe's largest economy, reaching minus 60.5 in September from minus 47.6 the previous month.

At the same time, the outlook for the next six months has also worsened further.

“The prospect of energy shortages in winter has made expectations even more negative for large parts of the German industry,” ZEW President Achim Wambach said.

“In addition, growth in China is assessed less favorably. The latest statistical figures already show a decline in incoming orders, production, and exports,” read the statement.