Mubasher: German economic confidence saw a slight improvement in November, as investor do not expect a quick recovery from the current weak developments in Europe’s largest economy, survey data revealed on Tuesday.

Indicator for economic sentiment for Germany ticked up marginally to -24.1 in November from -24.7 in October, the Centre for European Economic Research (ZEW) reported. Analysts polled by Thomson Reuters expected a score of -25.

The separate index gauging investors’ assessment of the current conditions in German economy, dropped to 58.2 points in November, compared with70.1 points in the prior month and an expected reading of 65 points.

ZEW survey relied on recent figures for industrial output, retail sales and foreign trade in Germany, while it pointed toward weak growth in the third quarter.

“This means that, at the moment, they [survey respondents] do not expect to see a speedy recovery of the currently weak development of the economy,” ZEW’s president Achim Wambach said.

Last week, economic advisors for the German government downgraded growth projections for this year to 1.6% from a previous forecast of 2.3% and for the next year to 1.5% from an earlier estimate of 1.8%.

In addition, economic sentiment for the Eurozone fell to -22 points in November, from -19.4 points in the prior month.

By 11:18 am GMT, the EUR/USD pair went up 0.21% to $1.1242.