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24 February 2024

Jobless fears hit German sentiment

By Reuters

German consumer sentiment is likely to fall going into February as worries over unemployment weigh, the GfK market research group said yesterday, highlighting the economy's reliance on exports for growth.

The consumer sentiment indicator, based on a survey of about 2,000 Germans, fell to 3.2 for February from a revised 3.4 in January. January's reading had been initially reported as 3.3.

The forward-looking indicator registered its fourth consecutive monthly drop but was slightly above a forecast for 3.1 by economists.

This is confirmation that a growth contribution will not come from private consumption this year, said an economist at SEB bank.


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