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Financial News: German GfK Consumer Confidence To Rise Marginally

German GfK Consumer Confidence To Rise Marginally

11/26/2019 - 05:27:00 (RTTNews)

(RTTNews) - German consumer confidence is set to improve slightly in December on robust economic and income expectations, survey data from market research group GfK showed Tuesday.

The forward-looking consumer sentiment index rose to 9.7 points, as expected, from 9.6 in November.

Both economic and income expectations showed a marked increase, while propensity to buy remained at a high level despite marginal losses.

"The exceptionally high levels of consumer confidence among German consumers have significantly contributed to preventing a recession in Germany in the third quarter," Rolf B├╝rkl, consumer expert at GfK, said.

"Private consumption has thereby perfectly fulfilled its role as an important pillar of the economy."

According to official estimate, the economy avoided a technical recession in the third quarter. Gross domestic product grew 0.1 percent driven by spending and construction investment.

The economic expectations index climbed sharply by 15.5 points to 1.7 in November, the survey showed. A more significant improvement was last seen in June 2010.

The decline in pessimism was mostly due to the tentative signs of easing trade war between the US and China. Also Germans hope that after the forthcoming elections in the UK a decision on Brexit will be made.

Income expectations also advanced in November reflecting higher optimism regarding the employment situation and labor earnings and low inflation. The income expectations indicator advanced 6.5 points to 45.5.

Meanwhile, the propensity to buy index dropped 1.7 points to reach 50 in November.

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