7/28, 8:02 AM (Source: TeleTrader)
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Consumer confidence in Germany unchanged in August - GfK

The consumer sentiment across Germany is projected to remain unchanged in August when compared to the previous month with the index staying at a negative 0.3 points, falling below market expectations, the GfK reported on Wednesday.

Economic expectations declined in July, with the indicator losing 3.8 points to stand at 54.6. However, this is still 44 points higher when compared to the previous year. Meanwhile, the income indicator also saw moderate drops, falling 5.1 points to 29. However, the propensity to buy indicator was slightly higher for the current month, climbing 1.4 points to 14.8. Consumption propensity is down almost 28 points year-over-year.

GfK consumer expert Rolf Buerkl commented on the results: "The phase where the decrease of COVID-19 incidence of infection has come to an end and those figures are again on the rise. In addition, the momentum for vaccination has recently slowed down considerably, despite there being sufficient quantities of the vaccine available. This is currently preventing any further significant increase as it pertains to consumer sentiment."

Breaking the News / OL