Financial News: German Consumer Confidence To Improve In August

German Consumer Confidence To Improve In August

07/24/2024 - 03:43:00 (RTTNews)

(RTTNews) - German consumer confidence is set to improve moderately in August on improving income prospects and willingness to buy, a survey showed on Wednesday.

The consumer confidence index improved to -18.4 in August from revised -21.6 in July, the survey published jointly by GfK and the Nuremberg Institute for Market Decisions showed.

The European Football Championship helped to boost consumer climate in July, consumer expert at NIM Rolf Burkl said. However, it remains to be seen whether this effect is sustainable or just a short-term flare-up, Burkl added.

Among sub-indicators of consumer climate, income expectations hit the highest since October 2021 and economic expectations strengthened in July to offset the previous month's decline.

The income expectations index surged 11.5 points to 19.7 in July after a small setback in June. The slight fall in inflation together with noticeable increases in wages and salaries lifted income optimism.

The propensity to buy indicator increased 4.6 points to -8.4 in July. A better value was last reported in March 2022. At the same time, the propensity to save remained unchanged.

The economic expectations index rose 7.3 points to 9.8 in July. The same value was last seen in May 2024.

For 2024, economic growth is forecast to remain weak. Experts expect economic recovery to accelerate only in the coming year.

Last week, the International Monetary Fund projected the German economy to grow 0.2 percent this year and 1.3 percent in 2025.

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