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German consumer climate upswing expected to continue

Xinhua, February 26, 2015 Adjust font size:

German consumer climate indicator has been forecast to reach 9.7 points for March - the highest level since October 2001 when the indicator was at 11.0 points, market research group GfK reported on Thursday.

According to GfK, further increases have been forecast in economic and income expectations as well as willingness to buy.

German consumers are seemingly not greatly affected by the recent escalation of the situation in eastern Ukraine as well as events in Greece. Instead, their optimism continues to grow, according to GfK's monthly report.

"The consumer climate therefore remains on the upswing in Germany. Private consumer spending will once again play a key role in economic development this year," said Rolf Buerkl, an analyst for the Nuremberg-based research group.

However, Buerkl warned again of potential risks for the consumer economy, including the situation in eastern Ukraine and the events in Greece, noting "if developments in these areas cause uncertainty among German consumers, this will also have a severe impact on the consumer mood and therefore also consumption."

The GfK consumer climate survey has been conducted since 1980. Its findings are based on around 2,000 consumer interviews conducted each month on behalf of the European Commission, the executive body of the European Union. Endit