German consumer confidence falls slightly due to Greece debt crisis: GfK

The German consumer confidence declines slightly as Greece debt crisis lowers economic expectations, market research group GfK reported on Thursday.

Its overall indicator forecasts 10.1 points for July, following a value of 10.2 points in June, which means the consumer confidence decreases for the first time since last October, according to GfK.

"The previously unsuccessful attempts to find a solution to the debt crisis in Greece as well as the country's impending default now appear to be dampening German consumers' economic outlook," said Rolf Buerkl, analyst from the Nuremberg-based research group.

As a result, economic expectations and willingness to buy both register some significant declines.

However, consumers' income expectations appear not to be affected by the dampened economic confidence. Income expectations come to a new record since 1990, exceeding the old record in April this year by well 2.1 points to 57.2 points.

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