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German Economic Confidence Improves In August

Germany's economic confidence improved notably in August, survey data from the ZEW - Leibniz Centre for European Economic Research showed Tuesday.

The ZEW Indicator of Economic Sentiment increased unexpectedly to 71.5 in August from 59.3 in July. The score was forecast to fall to 58.0.

Meanwhile, the current conditions index dropped 0.4 points to -81.3 in August, while it was expected to rise to -68.8.

"Hopes for a speedy economic recovery have continued to grow, but the assessment of the situation is improving only slowly," ZEW President Achim Wambach, said.

Financial market experts' sentiment concerning the economic development of the Eurozone improved, with the corresponding indicator climbing 4.4 points to a current level of 64.0 point.

The indicator for the current economic situation in the currency bloc fell 1.1 points to minus 89.8 points.

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