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German consumer confidence index rises in December

German consumer confidence index rises in December

German consumer confidence improved during December to match expectations, according to a survey conducted by market research group GfK on Tuesday.

The consumer confidence index rose to 9.7 next month from 9.6 last month, and the current readings are in line with economists' expectations.

Exceptionally high levels of consumer confidence among German consumers contributed significantly to preventing the German economy from falling into recession in the third quarter. Thus, private consumption has played its full part as an important pillar of the economy.

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The economic outlook gauge jumped 15.5 points to 1.7 levels, slightly above its long-term average at zero, as Germans were more optimistic about the growth outlook, mainly due to the beginning of positive signs the U.S. and China would reach a trade agreement.

Moreover, the sub-index, which measures income forecasts, rose 6.5 points to 45.5 against the strength of the German labor market, rising wages and moderate inflation.

It should be noted that average consumer confidence in Germany reached an all-time high of 16.80 points in March 2001, while it reached its lowest level in March 2003 at 3.50 points.

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