ZEW German economic index falls more than expected

German index of economic optimism falls more than expected, remains at high level

Associated Press

FRANKFURT, German (AP) -- The ZEW institute's survey of confidence in Germany's economy fell by more than expected in April as new troubles in the eurozone debt crisis dented recent optimism.

The survey index fell to 36.3 from 48.5 in March. Market analysts had expected a reading of 44.0.

ZEW President Clemens Fuest said Tuesday that the index remains at a high level and that the finance professionals surveyed "remain confident but are less optimistic than they have been in the previous month."

The messy bailout of Cyprus and talk of one for Slovenia have added to uncertainty about the eurozone's progress in getting out of its crisis over too much government debt.

Germany's economy shrank 0.6 percent in the fourth quarter of 2012 but many economists think it will rebound this year.

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