German consumer confidence is set to weaken in October, survey data from the market research group GfK showed Thursday.
The forward-looking consumer sentiment index fell unexpectedly to 10.8 from 10.9 in September. The score was forecast to rise to 11.0.
“However, consumers believe that the German economy’s solid growth trend is set to continue in fall,” GfK said.
The research group said despite a fall, consumer sentiment remains in good shape and the domestic economy will continue to contribute significantly to overall economic development.
GfK affirmed that real private consumption will grow about 1.5 percent this year.
Among components of consumer confidence indicator, the economic expectations index climbed to 33.4 in September from 30.4 in August.
Meanwhile, after five consecutive increases, the income expectations index declined to 52.7 from 61.4 a month ago. Likewise, the propensity to buy slid to 57.0 from 58.1 in August.
Source: RTT News