BERLIN – A survey finds that a downward trend in German consumer confidence has come to an end, despite cooler growth prospects for Europe’s biggest economy.
The GfK research group said Friday that its forward-looking consumer climate index edged up to 8.5 points for November from 8.4 in October. It found that Germans’ willingness to buy has increased amid low unemployment and that income expectations continue to improve, while consumers’ economic outlook has stabilized.
The government and economists have cut their growth forecasts for Germany after a string of disappointing industrial data for August. Still, GfK said its latest findings suggest that private consumption will continue to be a key pillar of the economy.
It cautioned that consumer confidence would likely be affected if international crises escalate or Africa’s Ebola outbreak spreads.