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- German consumer confidence index unexpectedly rises-Gfk
German consumer confidence index unexpectedly rises-Gfk
According to the report from GfK Group, сonsumer sentiment in Germany shows signs of recovery with slightly increased optimism at the start of the year. Propensity to buy as well as economic and income expectations are improving.
GfK has forecast a figure of 9.9 points for February 2020, 0.2 points higher than in January of this year (revised 9.7 points). Economists had expected a decrease to 9.6 points.
For 2020 as a whole, GfK has forecast real growth of one percent for private consumer spending in Germany..
Above all, the rise in income expectations and propensity to buy at the beginning of this year will allow the consumer climate to pick up.
"Initial agreements in the trade dispute between the United States and China will also ease the situation in Germany. As an export nation, the country relies on the free and unrestricted exchange of goods," explains Rolf Bürkl, GfK consumer expert. "The positive start for the consumer climate in 2020 confirms our assessment that private consumption will continue to be an important pillar of the German economy this year. For the year as a whole, GfK forecasts real growth in private consumer spending in Germany of one percent."
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