Europe’s largest economy may have been growing at a relatively fast pace, but German financial analysts and investors remain gloomy about the future.
The latest ZEW economic think-tank’s monthly poll of economic sentiment shows a decline for the fourth month in a row.
Expectations are now at their lowest level since April 2009.
The reason – worries that a global economic slowdown will hit German growth.
The reading comes just days after word that Germany’s economy grew by 2.2 percent in the second quarter – the fastest quarterly expansion in 20 years.
But that recovery is being driven by exports and global demand is key to continued growth.
To counter weaker sales at home, German companies, like Volkswagen, BMW and Daimler, are looking to China particularly.
Audi sold over 50 percent more cars in China last month than it did a year earlier, BMW’s sales were up by more than 80 percent, while Daimler tripled its sales of Mercedes cars.