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German consumer confidence edges higher: survey

25th July 2014, Comments 0 comments

Consumer confidence in Germany is edging fractionally higher, driven by rising income expectations, a new poll found on Friday.

"Consumer sentiment remained very robust in July," market research company GfK said in a statement.

"Despite an escalation in the situation in Israel and Ukraine, German consumers remain optimistic this summer," the statement said.

"The shooting down of a passenger jet of Malaysia Airlines over east Ukraine also had no impact on consumer confidence," because this month's survey had already largely been completed by that point, GfK said.

Of particular note was an increase in income expectations to the highest level since national unification in 1990, GfK continued.

At the same time, the German victory in the soccer World Cup championships seems to have had no tangible effect on sentiment, as already widely expected, it added.

Looking ahead to next month, GfK's headline household confidence index was forecast to rise to 9.0 points in August from 8.9 points in July.

This reading is based on responses from about 2,000 households regarding their expectations about pay and the economy as a whole in the coming months, as well as their willingness to spend money.

Sentiment in Europe's top economy is currently positive, but appears to be stalling amid uncertainty about possible fallout from the crises in Ukraine and Iraq.

Last month, the Ifo business climate survey fell more than expected to its lowest level in six months.

© 2014 AFP

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