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German Economic Confidence Falls To 9-Month Low

Corrected fifth paragraph

German economic confidence deteriorated sharply to a nine-month low in August, survey data from the Mannheim-based Centre for European Economic Research or ZEW showed Tuesday.

The economic confidence index dropped unexpectedly by 4.7 points to 25 in August, the lowest score since November 2014. It was expected to rise to 31.9.

"The German economic engine is still running smoothly," ZEW President Clemens Fuest said.

"However, under the current geopolitical and global economic circumstances a substantial improvement of the economic situation in Germany over the medium term is improbable. That is why economic sentiment has declined," Fuest added.

At the same time, the assessment of the current situation improved slightly, with the index rising 1.8 points to 65.7 in August.

Economic sentiment in the euro area improved in August. The corresponding index gained 4.9 points to 47.6. Likewise, the current conditions index rose 4.1 points to -10.3 points.

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