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German consumer outlook up for Sept, GfK says

German consumer outlook up for Sept, GfK says

German consumers' confidence in the economy continues to rise, with expectations for September increasing from August as more people believe in a recovery, a leading survey said Thursday.
The Nuremberg-based GfK research group said its forward-looking Consumer Climate Survey rose to 3.7 points for September from 3.4 points the previous month.
The group said reports from across Germany suggest the downward spiral in the German economy has ended, but that on a long-term comparison consumer sentiment remains at a relatively low level.
"The consumer climate is currently proving to be a significant support to the German economy, as the recently published figures from the Statistisches Bundesamt (Federal Statistics Office) confirm," the GfK wrote in its report.
That data showed Germany's economy grew in the second quarter for the first time since last year, with real private consumer up 0.5 percent compared with the same period last year.
Germany, Europe's biggest economy, fell into recession last year as the global crisis sapped demand for its exports.
The number of jobless have crept up recently, although the impact of the crisis has not yet been dramatic because many employers have used short-time working arrangements to preserve jobs.
The GfK said economic expectations have continued to rise since the beginning of the year. The indicator increased for the fifth straight time, by 6.5 points for the month to minus 7.5 points, and is 14 points higher compared with September 2008.
"Inflation is disappearing and consumers have more money in their pockets, which is being expressed by a rise in income expectations. Stable or even falling prices, as well as an ongoing, relatively steady labor market, have also resulted in an improvement in the propensity to buy," the GfK wrote in its report.
The group said income expectations had continued to rise in September after their return to positive territory in July. The reading is now at 8.8 points, a 7 point increase since August, and a 25 point increase on the year ago period.
On Wednesday, Germany's Ifo Business Climate Survey, conducted by the Institute for Economic Research at the University of Munich, said its reading of German business sentiment rose to 90.5 points in August from 87.4 points in July. Participants' expectations for the economy also improved in August, to 95 points from 90.4 points in July.
The GfK is based on around 2,000 consumer interviews conducted each month.
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On the Net:
http://www.gfk.com


Updated : 2021-10-25 03:51 GMT+08:00