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Financial News: German GfK Consumer Confidence To Improve In February

German GfK Consumer Confidence To Improve In February

01/26/2017 - 03:13:00 (RTTNews)

(RTTNews) - German consumer confidence is set to strengthen further in February on high employment and income growth, survey results from the market research group GfK showed Thursday.

The forward-looking consumer sentiment index rose more-than-expected to 10.2 in February from 9.9 in January. The score was forecast to climb to 10.0.

Economic and income expectations as well as the propensity to buy strengthened in January.

Economic expectations continued its upward trend into the new year. The indicator climbed for the fourth time in a row, by 5.2 points to reach 21.6 points, the highest in one-and-a-half years.

Consumers believe the solid growth trend in Germany will continue. This assessment was underpinned by the official data showing 1.9 percent economic growth in 2016, which was the fastest in five years.

The economy ministry said on Wednesday that the largest euro area economy is likely to grow at a pace of 1.4 percent this year but slower than in the previous year.

The GfK survey suggested that the terrorist attack in Berlin just before Christmas did not impair economic optimism in the long term.

Consumers viewed the stable labor market conditions, increased rates of employment, and the resulting favorable income growth as significantly more important.

The income expectation index climbed 2.7 points to 58.3, thanks to strong optimism. Nonetheless, the GfK cautioned that there is a greater risk of income suffering in real terms due to the recent increase in inflation.

As a result of better income prospects, the propensity to buy grew significantly in January. The propensity to buy improved after a moderate fall in December. The indicator moved up 9.6 points to 57.6 in January.

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