German consumer confidence rises but clouds on horizon

BERLIN – A closely watched survey shows German consumer confidence has increased again, but its authors cautioned the British vote to leave the European Union could bring it down in coming months.

The GfK research group said Wednesday its forward-looking consumer climate index rose to 10.1 points for July from 9.8 in June.

The 2,000 consumers surveyed for the report on behalf of the European Commission were contacted before the British referendum, however, and GfK said if the “Brexit” vote means the German and other European economies start to falter, things could rapidly change.

GfK says it’s “expected that the current uncertainty in the financial markets will also be felt by German consumers.”

The extent “depends on how serious the financial implications will be and how discussions develop within the European Union.”