The barometer for the stock marketers' assessment of the next six months rose after five declines in a row by 9.4 to 31.7 points.
This was announced by the Mannheim Center for European Economic Research (ZEW) on Tuesday for its monthly survey of 184 analysts and investors.
Economists polled by Reuters, however, had expected a further decline to 20 points.
However, the situation was assessed to be significantly worse than recently and also than expected.
"For the current quarter, the experts assume that the supply bottlenecks for raw materials and intermediate products as well as the high inflation rate will have a negative impact on economic development," said ZEW President Achim Wambach. "For the first quarter of 2022, they assume a growth recovery and a decline in the inflation rate in Germany and in the euro area."
The German economy grew by 1.9 percent in the spring and only 1.8 percent in the summer.
Economists expect that growth in the current final quarter will continue to decline significantly due to the delivery bottlenecks.
According to an insider, the economic wise men have lowered their growth forecast for 2021 to 2.7 from 3.1 percent previously, but increased it to 4.6 (4.0) percent for 2022.
The leading economic research institutes and the federal government had already done a similar thing.
It is generally expected that the economic recovery will shift to the next year due to the ongoing delivery problems.