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German economic sentiment hits worst level since end 2011 in August

Economic sentiment in Germany deteriorated more rapidly than expected in August and was at its weakest level since end 2011, according to a survey by research institute ZEW.

The economic sentiment indicator plunged to minus 44.1 points in August from minus 24.5 points in July, its lowest level since December 2011. The consensus estimate of economists polled by Econoday was for a reading of minus 28.0 points.

The indicator assessing the economic situation fell to minus 13.5 points from minus 1.1 points.

The decline suggests a "significant deterioration in the outlook for the German economy," said ZEW President Achim Wambach.

"The most recent escalation in the trade dispute between the U.S. and China, the risk of competitive devaluations and the increased likelihood of a no-deal Brexit place additional pressure on the already weak economic growth. This will most likely put a further strain on the development of German exports and industrial production," Wambach added.

Meanwhile, the indicator assessing market sentiment regarding economic development in the eurozone plummeted 23.3 points to minus 43.6 points.