German consumer confidence falls below forecast

Consumer confidence in the German economy fell to minus 6.7 points in December from a revised minus 3.2 points in November. As reported by the research company Gfk reports.

Analysts polled by Reuters had expected the indicator to drop to minus 5 points. The November figure was revised to minus 3.2 points from minus 3.1 points.

“Although stores remain open, new restrictions in the hospitality, restaurant, and entertainment industry, as well as difficulties in the tourism industry, have had a major impact on consumer sentiment,” commented GfK consumer sentiment expert Rolf Burke.

The company also reported that the index of current economic expectations in Germany in November fell to minus 0.2 points from 7.1 points in October. The index of expectations for growth in wages in November fell to 4.6 points from 9.8 points a month earlier. “Consumer willingness to buy” dropped to 30.5 points from 37 points in October.

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