German consumer confidence stagnating: GfK

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German consumer sentiment has been undermined by the eurozone debt crisis and fears of a new recession, falling to its lowest level since late last year, the GfK research institute said Thursday.

GfK released its latest index of household confidence, forecasting 5.2 points in September, the lowest figure since November 2010, a statement said.

The institute also revised an estimate for August down to 5.3 points from the initial figure of 5.4.

Recent sharp drops on global stock markets, in addition to worries that the economy could begin to contract again have dealt a severe blow to the morale of German shoppers, the statement said.

© 2011 AFP

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