Germany's economy may still have hard times ahead, judging by a survey from research institute ZEW.

A monthly index of economic expectations, based on a poll of analysts and investors, slipped from 49.7 in April to 46.4 in May -- the lowest reading since July last year.

The institute attributed the downbeat outlook to sluggish domestic demand, rising oil prices and global political instability. Commented ZEW president Wolfgang Franz: "A change in mood among financial analysts has failed to materialise -- no good omen for the economic recovery."

German GDP rose 0.4% in the first quarter, but the Bundesbank warned this week that the recovery was too reliant on exports to be maintained.

Data sourced from: Financial Times; additional content by WARC staff