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German consumer confidence climbs

German consumer confidence climbs article image
German consumers are confident the economy will continue to grow, a new survey reveals. The Nuremberg-based GfK research group said its Consumer Climate Survey rose to 3.7 points for September from 3.4 points the previous month as more people expected an economic recovery in Europe's biggest economy. Recently published figured from the Statistisches Bundesamt (Federal Statistical Office) have also revealed that the German economy grew in the second quarter, for the first time since last year, with real private consumer spending rising 0.5 percent compared with the same period last year. The GfK worte in a report that growing consumer confidence was proving to be a "significant support to the German economy." "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 labour market, have also resulted in an improvement in the propensity to buy," the GfK wrote in its report.

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