The mood among German analysts and investors plunged in July due to uncertainty created by the Brexit vote, a survey showed on Tuesday in the first major indication of how Europe’s largest economy could fare after the surprise referendum result.

Mannheim-based ZEW said its monthly survey showed a drop in its economic sentiment index to -6.8 points in July from 19.2 the previous month. That fell far short of the Reuters consensus forecast for a reading of 9.0.

A separate gauge of current conditions tumbled to 49.8 points from 54.5 in June. The Reuters consensus forecast was for a reading of 51.8.

“Uncertainty about the vote’s consequences for the German economy is largely responsible for the substantial decline in economic sentiment,” ZEW president Achim Wambach said in a statement.

The ZEW index was based on a survey of 220 analysts and investors conducted July 4 to 18.

Reuters