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Financial News: German Consumer Confidence To Hold Steady In December

German Consumer Confidence To Hold Steady In December

11/28/2017 - 08:48:00 (RTTNews)

(RTTNews) - German consumer confidence is set to remain unchanged at the end of the year, underpinned by strong economic expectations, while it is yet to be known whether the failed coalition talks would hurt the sentiment, results of the latest survey by GfK showed Tuesday.

The forward-looking consumer confidence indicator showed a reading of 10.7 for December, unchanged from November, the Nuremberg-based market research group said. The score was in line with economists' expectations.

"This is good news, particularly given the upcoming Christmas trade," the GfK said.

The economic expectations index rose to 44.3 in November from 43.5 in October. Consumers were also joined by companies and economic experts in having an optimistic economic outlook, as they expect growth of around 2 percent this year.

GfK attributed the strong momentum to the fact that the upturn is currently based on very broad foundations because consumption, increased investment and exports all contribute to good GDP growth.

The income expectations measure eased to 47.9 from 48.7. Yet, the indicator remains at a high level, thanks to the excellent labor market situation and moderate inflation in Germany.

The propensity to buy index also fell in November, to 58.5 from 59.2.

The GfK has predicted at least 1.5 percent growth in private consumption this year versus the official growth figure of 2 percent for 2016.

The failed exploratory talks, led by Chancellor Angela Merkel, about forming a so-called Jamaica coalition have not been taken into consideration in this data, because the survey had already been completed at that time, the GfK said.

If further attempts to form a stable government become deadlocked, it may increase uncertainty among consumers as well as companies, the firm warned. In this case, there would be a risk to the current, good consumer mood, it added.

The GfK also said that there was a continued threat of further risks to the German consumer climate from abroad from events such as faltering Brexit talks, North Korea tensions and possible protectionist tendencies in the U.S. trade policy.

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