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Consumer confidence in Germany jumps

Staff writer |
Consumer sentiment in Germany is buoyant at the start of 2014, according to GfK. The indicator, which jumped from a revised 7.7 points in January (previously reported: 7.6 points) to 8.2 points in February.

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That overshot market expectations of 7.7 points and reached the highest point since August 2007. This represents the fifth consecutive month of improvement.

While the overall consumer confidence indicator refers to February, the GfK also develops three sub-indicators, which refer to January. According to the GfK, consumers’ economic expectations, income prospects and willingness to buy big-ticket items improved considerably compared to the previous month.

Income prospects climbed to the highest level in 13 years, while consumers’ willingness to buy jumped to the highest points in over seven years. The GfK added that private consumption had been essential to support overall economic growth in 2013, while it concluded that the outlook for domestic demand, "should also be regarded as good for 2014."

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