Germany's economic sentiment down in October

Economic development of eurozone also decrease for fifth consecutive time, Germany-based research center says.

Germany's economic sentiment down in October

Germany's economic sentiment index slipped by 4.2 points to 22.3 points in October month-on-month, a Germany-based research center announced on Tuesday.

"This is the first time that the indicator has recorded a decline after its continuous increase between February and September 2021," the Centre for European Economic Research (ZEW) said.

"The economic outlook for the German economy has dimmed noticeably mainly due to the persisting supply bottlenecks for raw materials and intermediate products," said ZEW President Achim Wambach.

"The financial market experts expect profits to go down, especially in export-oriented sectors such as vehicle manufacturing and chemicals/pharmaceuticals," he stated.

The financial market experts' sentiment concerning the economic development of the eurozone also diminished for the fifth consecutive time, bringing the indicator to a current level of 21 points, 10.1 points lower than in the previous month.

Meanwhile, inflation expectations for the eurozone were down slightly.

"The inflation indicator stands at 17.1 points in October, 3 points lower than in the previous month," the report showed.