AIRLINK 75.25 Increased By ▲ 1.55 (2.1%)
BOP 4.90 No Change ▼ 0.00 (0%)
CNERGY 4.42 Decreased By ▼ -0.10 (-2.21%)
DFML 43.45 Decreased By ▼ -1.43 (-3.19%)
DGKC 84.75 Decreased By ▼ -0.75 (-0.88%)
FCCL 21.23 Decreased By ▼ -0.17 (-0.79%)
FFBL 32.46 Decreased By ▼ -0.05 (-0.15%)
FFL 9.50 Decreased By ▼ -0.09 (-0.94%)
GGL 10.13 Decreased By ▼ -0.14 (-1.36%)
HASCOL 6.97 Decreased By ▼ -0.16 (-2.24%)
HBL 114.65 Decreased By ▼ -0.05 (-0.04%)
HUBC 139.45 Increased By ▲ 0.35 (0.25%)
HUMNL 12.15 Decreased By ▼ -0.27 (-2.17%)
KEL 4.95 Decreased By ▼ -0.08 (-1.59%)
KOSM 4.40 Decreased By ▼ -0.05 (-1.12%)
MLCF 37.24 Decreased By ▼ -0.36 (-0.96%)
OGDC 134.25 Decreased By ▼ -2.55 (-1.86%)
PAEL 25.25 Decreased By ▼ -0.14 (-0.55%)
PIBTL 6.61 Decreased By ▼ -0.08 (-1.2%)
PPL 119.20 Decreased By ▼ -1.80 (-1.49%)
PRL 26.45 Decreased By ▼ -0.14 (-0.53%)
PTC 13.75 Decreased By ▼ -0.35 (-2.48%)
SEARL 57.00 Decreased By ▼ -0.30 (-0.52%)
SNGP 66.92 Decreased By ▼ -1.08 (-1.59%)
SSGC 10.33 Decreased By ▼ -0.09 (-0.86%)
TELE 8.34 Decreased By ▼ -0.11 (-1.3%)
TPLP 10.89 Decreased By ▼ -0.09 (-0.82%)
TRG 62.80 Decreased By ▼ -0.54 (-0.85%)
UNITY 26.97 Decreased By ▼ -0.08 (-0.3%)
WTL 1.35 Decreased By ▼ -0.03 (-2.17%)
BR100 7,916 Decreased By -25.1 (-0.32%)
BR30 25,413 Decreased By -234.4 (-0.91%)
KSE100 75,357 Decreased By -160.7 (-0.21%)
KSE30 24,200 Decreased By -77.8 (-0.32%)

BERLIN: German consumer confidence rose heading into August, a key survey showed Thursday, as once red-hot inflation looked to be on the way back down.

Pollster GfK said its forward-looking survey of around 2,000 people rose to minus 24.4 points in August from minus 25.2 points in July.

The mood among consumers hit a low of minus 42.8 points in October, as prices soared and consumers worried about the cost of heating their homes over the coming winter.

Since then, the index climbed steadily until July, when it suffered a small drop.

The August rebound meant there were good chances the “consumer climate will be able to resume its recovery course”, said GfK expert Rolf Buerkl.

The improvement was carried by rising income expectations, Buerkl said.

German economy may contract slightly in 2023: IMF

The pay indicator rose to minus 5.1 percent, the GfK said, its best reading since the outbreak of the war in Ukraine, which shook the European economy.

The tempered pessimism owed much to the “hope of declining inflation rates”, Buerkl said.

Consumer prices in Germany are not rising as quickly as they did towards the end of last year, although inflation remained high in June at 6.4 percent.

Meanwhile, the German economy recorded its second-consecutive quarter of negative growth over the first three months of 2023, pushing it into recession.

The clouded outlook meant overall consumer confidence would “remain low in the coming months”, Buerkl said.

As such, “private consumption will not be able to make any positive contribution to overall economic development”, he added.

Comments

Comments are closed.