German economic confidence at highest since August 2015 in April - ZEW

German economic sentiment improved more than expected in April, according to the latest survey from the ZEW Center for European Economic Research in Mannheim.

The index of economic sentiment rose to 19.5 from 12.8 in March, hitting its highest level since August 2015 and beating expectations for a reading of 14.0.

Meanwhile, the current situation index pushed up to 80.1 from 77.3 in March, surpassing analysts' forecasts of 77.7.

ZEW President Professor Achim Wambach said: "The German economic situation has proved fairly robust in the first quarter. This is highlighted by the solid figures for growth in industrial production, the construction sector and retail sales from February.

"In addition, the consistently high labour demand has boosted private consumption. The financial market experts expect this positive development to continue."

Capital Economics said: "It is not the most reliable indicator, but it starts the March round of surveys on a positive footing ahead of next week’s PMIs."