(MENAFN- Saudi Press Agency)
Berlin, Dhu-AlQa'dah 04, 1438, July 27, 2017, SPA -- German consumer confidence is set to climb to a
16-year-high next month amid rising expectations about incomes and
hopes for Europe's biggest economy, according to a survey released Thursday, dpa reported.
Nuremberg-based market research institute GfK said its forward-looking consumer confidence indicator will rise to 10.8 points in August from a reading of 10.6 in July. Based on a survey of about 2,000 consumers, the GfK indicator now stands at its highest level since October 2001. Analysts had expected the August indicator to hold at the July reading. "Consumer confidence among Germans remains superb," the GfK said. "In the opinion of consumers, the German economy is now firing on all cylinders."
German business confidence also hit a record high in July with a survey released on Tuesday by the Munich-based Ifo economic institute showing the mood in the nation's boardrooms at "euphoric" levels.
Income expectations have hit their highest level since German unification in 1990, the GfK said.
The institute said the "income euphoria" among households was "based on the excellent state of the employment market." At 5.5 per cent, German unemployment is at a record low, while weak inflation and historic low interest rates have been helping to boost consumer confidence in the nation.
--SPA
11:29 LOCAL TIME 08:29 GMT
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