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German economic optimism continues to improve in October

German economic confidence continued to improve in October after having regained from a three-month declining trend in September, data from the Center for European Economic Research, or ZEW, showed.

The indicator of economic sentiment gained 0.6 points to 17.6 in October from the month before, but remained below the long-term average of 23.8 points. The index reflecting the current economic situation in Germany dropped 0.9 points to 87.0 after rising 1.2 points in September.

ZEW President Achim Wambach noted that surprisingly positive growth figures in the previous months were the drivers for the improved economic outlook for the coming six months.

"The framework conditions for German exports ... are further improved by positive growth figures for Europe," Wambach said.

"The fact that the inflation rate is rising again, and expected to climb further, equally points towards a positive economic development in Germany, making a change in the ECB's monetary policy more likely," he added.

Meanwhile, the ZEW index reflecting financial market experts' expectations regarding economic development in the eurozone fell 5.0 points in October from the previous month to 26.7 points.

However, the indicator for the current economic situation in the euro area climbed one point to 36.5 points from September's figure.