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 unexpectedly to 53.3 in April from 54.8 in March, missing expectations for a rise to 56.0.

It was the first decrease since October 2014.

The decline was driven by lower export prospects.

The ZEW President Clemens Fuest said that Germany's economy "is in good shape".

"The current weakness of the world economy is dampening export prospects and reducing the scope for further improvements of the economic situation in Germany," Fuest added.

Eurozone's ZEW economic sentiment index rose to 64.8 in April from 62.4 in March, beating expectations for a gain to 63.7.