German investor confidence fell in May for the first time in five months as concerns grew about Europe's debt crisis, a key survey released Tuesday showed.
The Mannheim-based ZEW economic research institute said its survey, which measures the mood among among analysts and institutional investors, dropped by a more-than-forecast 12.6 points to 10.8 this month.
“Against the backdrop of the sovereign debt crisis in the eurozone, economic risks have risen during the previous weeks according to the financial market experts,” said ZEW President Wolfgang Franz releasing the index, which is based on a survey of 284 investors and analysts.
Economists had expected the monthly index would fall more modestly to 16.4 points this month from from 23.4 in April. - Sapa-dpa