Germany Consumer Confidence

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Germany: Consumer confidence continues to moderate on geopolitical tensions

September 26, 2014

Confidence among German consumers weakened slightly amid the continuing tense geopolitical situation. The forward-looking consumer confidence indicator published by the GfK edged down from 8.6 points in September to 8.3 points in October. The print, which represented the lowest level in eight months, came in slightly below the 8.5 points the markets had expected. October’s reading reflects a second consecutive drop. An uninterrupted upward trend had been in place from February of last year to August 2014.

In addition to the overall consumer confidence indicator, which estimates consumer confidence in the coming month, the GfK elaborates on three sub-indicators, which refer to the previous month. According to GfK, in September households’ expectations for the overall economy, income expectations and consumers’ willingness to buy recorded declines of similar scope.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 1.2% this year, which is down 0.1 percentage points from last month’s estimate. For 2015, panelists see private consumption growing 1.5%.


Author: Teresa Kersting, Economist

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Germany Consumer Confidence Chart


Germany Consumer Confidence October 2014

Note: GfK Consumer Climate Index.
Source: The GfK Group.


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