German economic sentiment falls more than expected, ZEW survey shows

German economic confidence declined more than forecast in May, ZEW's survey revealed on Tuesday. The economic sentiment index dropped to 41.9 in May from 53.3 a month earlier, compared to analysts’ estimates of 48.

"Financial market experts have adjusted their optimistic expectations downward in May due to unexpectedly poor growth figures in the first quarter of 2015 and turmoil on the stock and bond markets. However, only a small number of survey participants actually expect a deterioration of the economic situation," said ZEW president professor Clemens Fuest.