German consumer climate forecast for August remains unchanged: GfK

The German consumer climate remains unchanged from the previous month and its overall indicator has forecast 10.1 points for August, market research group GfK reported on Wednesday.

According to GfK, income expectations continued to reach a new record level from the previous month, as the indicator gained 1.4 points in July and now stands at 58.6 points, hitting its highest level since reunification in 1990.

However, economic expectations and the willingness to buy experienced significant and moderate losses respectively, because Germans continue to expect the country's economy to grow in coming months, but not as strongly as they believed a few weeks ago.

"The indicator shows that domestic conditions are not the only factors playing a role. The international situation, crises in Europe and in the Middle East can put a damper on the domestic economy," said Rolf Buerkl, an analyst for the Nuremberg-based research group.

"Above all, the euro debt crisis and the future of Greece play an important role in this context," he added.

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