ZEW / Ifo (German economic barometers)
The ZEW and the Ifo are the two major monthly barometers of the German economy, the euro area’s largest. The ZEW index (ZEW Indicator of Economic Sentiment), from the ZEW research center in Mannheim, is the balance of optimistic and pessimistic views among some 180 financial experts on the German economy six months ahead. It comes out on a Tuesday, most often the third Tuesday of the month, at 11:05 a.m. Paris time. The Ifo business climate index, from the Ifo institute in Munich, surveys about 9,000 companies in manufacturing, services, trade, and construction on their current situation and their outlook for the next six months; it is released toward the end of the month, at 10:00 a.m. Paris time. The first reflects the mood of financial markets, the second that of business leaders, and they sometimes diverge: in October 2026, the ZEW fell to 28.1 while the Ifo rose to 90.2. Both can move the euro, especially when they deviate from the consensus. Upcoming releases: the economic calendar.
See also
The monthly survey of purchasing managers, with a flash version in several countries.
The wealth created by an economy: the benchmark measure of growth.
The central bank of the 21 euro area countries, which sets its policy rates 8 times a year.
The euro area price index on which the ECB sets its 2% inflation target.
The schedule of upcoming economic releases, with their time, impact, and consensus.