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Germany Consumer Confidence November 2022

Germany: Consumer sentiment expected to inch up in November

The GfK consumer climate index is forecast to rise from an all-time low of minus 42.5 in September to minus 41.9 in November.

The expected uptick in sentiment came on the back of backward-looking data for October, which is released simultaneously and underpins the November expectation. Income expectations and propensity to buy rose in the month, but remained deeply negative. Persistent pessimism regarding income expectation is in part driven by elevated inflation, eroding real incomes. Inflation has been driven by higher food and energy prices, and this in turns affects disposable incomes and propensity to buy. Economic expectations, meanwhile, dropped further in October: Consumers expect the German economy to enter a recession.

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