The ZEW Center for European Economic Research released its economic sentiment index for Germany and the Eurozone on Tuesday. Germany's ZEW economic sentiment index decreased to 6.4 in May from 11.2 in April, missing expectations for a rise to 12.0.

The assessment of the current situation in Germany climbed by 5.4 points to 53.1 points.

"The strong growth of the German economy in the first quarter of 2016 appears to have surprised the financial market experts. However, they seem not to expect the economic situation to improve at the same pace going forward," ZEW president, Professor Achim Wambach, said.

Eurozone's ZEW economic sentiment index declined to 21.5 in May from 21.5 in April.

The assessment of the current situation in the Eurozone rose by 2.9 points to -9.2 points.