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German economic sentiment posted its biggest decline on record in March, dragged by recession fears and the ongoing conflict between Russia and Ukraine.
Source: ZEW
EWG is up 0.02%.
The ZEW indicator of Economic Sentiment for Germany plunged by 93.6 points to -39.3 points, marking the biggest decline since data collection started in December 1991.
This compares with the 58.2-point decline during the start of the COVID-19 pandemic in March 2020, bringing the level down to summer 2019 levels.
The indicator for the current economic situation also slipped, declining by 13.3 points to -21.4 points. Inflation expectations meanwhile increased by 107.7 points to a new level of 70.2 points, with an economic slowdown expected to be noticeable in March.
ZEW President Professor Achim Wambach said a recession is increasingly becoming more likely, with German economic expectations also likely to take a hit due to ongoing conflict between Russia and Ukraine, along with the economic sanctions on Moscow.
The economic sentiment for the eurozone also decreased to negative territory, while inflation expectations jumped by over 100 points.
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