ZEW Financial Market Test

Data Types and Keywords

  • Data type 1: expert survey
  • Data type 2: expert survey, Scientific Use Files: factually anonymized data
  • Keywords: international financial markets, financial analysts, directional assessments, monthly survey


The ZEW Financial Market Survey has been carried out on a monthly basis since December 1991 (written questionnaire: online or postal). It reveals the German financial market’s expectations on the development of four important international financial markets. 300 analysts from banks, insurance companies and large industrial corporations are asked about their expectations on a six-month horizon in specific areas: trend in economic activity, inflation rate, short-term and long-term interest rates, share prices and exchange rates. The financial markets in question are those of Germany, the United States, China, and the Eurozone in general. Furthermore, they are asked to assess the profit situation of 13 German industries. The survey consists of two parts: a standard part and a part focussing on current issues. ZEW calculates based on the experts’ expectations the ZEW Indicator of Economic Sentiment. This leading indicator for the economic trend (ZEW Index) is closely followed by the general public. Moreover, ZEW communicates the survey’s detailed results in the monthly ZEW Finanzmarktreport.