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Germany Consumer Confidence February 2023

Germany: Consumer confidence rises to eight-month high but remains pessimistic in March

The GfK consumer climate index is forecast to rise further to minus 30.5 in March from minus 33.8 in February.

The expected uptick in sentiment follows backward-looking data for February, which is released simultaneously and underpins the March expectation.

Looking at the February data, consumers became less pessimistic about the economy, their personal finances, and their future spending intentions in the year ahead. Consumers likely became less pessimistic as the economy is now expected to do better than earlier anticipated; the energy crisis appears to have abated slightly as a result of the recent decline in natural gas prices and the government’s decision to cap gas and electricity prices this year.

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