Achtung

German Investor Confidence. Liquidity risk abounds here.

FRANKFURT — German investor confidence slipped for the fifth month in a row in February amid dim prospects for the nation's retail, consumer goods, steel and chemical sectors, a closely watched survey showed Tuesday.

The confidence index of the ZEW Institute showed investors' outlook for the next six months dropped to 45.1 points from 47.2 points in January. The survey is viewed by many as an accurate barometer for the economic outlook in Germany, Europe's biggest economy.

ZEW, or the Center for European Economic Research, based in Mannheim, said that despite the decline, the index remains well above the historical average of 27.1 points.

The index hit a 3 1/2-year high of 57.7 points in September.

The ZEW said it expects the economy to recover slowly from the current crisis within the next six months, but that prospects for the retail, consumer goods and auto sectors remain poor. Participants also voiced pessimism about the steel and chemical sectors in Europe's biggest economy, the ZEW said.