Improved predictions for the Z-boson decay width and the hadronic Z-peak crosssection within the Standard Model are presented, based on a complete calculation of electroweak two-loop corrections with closed fermion loops. Compared to previous partial results, the predictions for the Z width and hadronic cross-section shift by about 0.6 MeV and 0.004 nb, respectively. Compact parametrization formulae are provided, which approximate the full results to better than 4 ppm. * Note that eq. (9) differs from the expression shown in Ref.[25] since the non-resonant terms in eq. (6) were not included there. See Ref.[23] for details.