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Germany ZEW Economic Confidence Recovers Unexpectedly

12/11/2012 5:16 AM ET

Germany's economic confidence turned positive in December for the first time since May 2012, survey results from the Centre for European Economic Research showed Tuesday.

The Indicator of Economic Sentiment climbed 22.6 points to 6.9 for December. Economists were forecasting the reading to rise to -11.5.

The assessment of the current economic situation remained almost unchanged in December. The corresponding indicator gained 0.3 points to 5.7.

"The financial market experts forecast the development of the economic activity in 2013 with pre-Christmas optimism," said ZEW President Wolfgang Franz.

Economic expectations for the Eurozone rose by 10.2 points to 7.6 points. The indicator for the current economic situation, at the same time, came in at -79.9 points-mark, up 0.4 points from the prior month.

by RTT Staff Writer

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