German investor confidence fell further in December, as financial market experts saw dimmer prospects for exports by the biggest euro zone economy, a widely watched survey shows today.

The ZEW economic institute's indicator of German business sentiment fell to an indexed -37.2 points, from -32.5 points in November, ZEW said in a statement.

'Experts see clear risks for economic growth in important industrial countries, particularly in the US,' it said. 'This impairs the export prospects of the German economy,' it added.

'Domestic and worldwide risks slow down business cycle dynamics,' said ZEW president Wolfgang Franz. 'The dilution of domestic reforms and the uncertainty on the  financial, currency and commodity markets have left their marks,' he added.

The survey of 269 financial analysts and institutional investors gives an indication of the sector's medium-term expectations for economic activity and capital markets.