AIRLINK 151.70 Decreased By ▼ -0.01 (-0.01%)
BOP 10.19 Increased By ▲ 0.14 (1.39%)
CNERGY 7.24 Decreased By ▼ -0.06 (-0.82%)
CPHL 85.40 Increased By ▲ 0.29 (0.34%)
FCCL 46.42 Decreased By ▼ -0.15 (-0.32%)
FFL 15.70 Decreased By ▼ -0.08 (-0.51%)
FLYNG 54.51 Decreased By ▼ -0.35 (-0.64%)
HUBC 137.00 Increased By ▲ 0.11 (0.08%)
HUMNL 11.28 Increased By ▲ 0.03 (0.27%)
KEL 5.38 Increased By ▲ 0.04 (0.75%)
KOSM 6.11 Increased By ▲ 0.48 (8.53%)
MLCF 82.54 Decreased By ▼ -0.30 (-0.36%)
OGDC 213.05 Increased By ▲ 4.19 (2.01%)
PACE 6.32 Increased By ▲ 0.27 (4.46%)
PAEL 41.44 Decreased By ▼ -0.02 (-0.05%)
PIAHCLA 24.16 Increased By ▲ 1.78 (7.95%)
PIBTL 8.26 Increased By ▲ 0.07 (0.85%)
POWER 13.88 Increased By ▲ 0.08 (0.58%)
PPL 167.23 Increased By ▲ 0.14 (0.08%)
PRL 31.93 Decreased By ▼ -0.24 (-0.75%)
PTC 24.53 Increased By ▲ 0.10 (0.41%)
SEARL 89.88 Increased By ▲ 0.05 (0.06%)
SSGC 43.28 Increased By ▲ 1.76 (4.24%)
SYM 14.84 Decreased By ▼ -0.02 (-0.13%)
TELE 7.91 Increased By ▲ 0.22 (2.86%)
TPLP 9.26 Increased By ▲ 0.12 (1.31%)
TRG 63.51 Increased By ▲ 0.31 (0.49%)
WAVESAPP 9.32 Increased By ▲ 0.18 (1.97%)
WTL 1.62 Increased By ▲ 0.17 (11.72%)
YOUW 4.43 Increased By ▲ 0.28 (6.75%)
BR100 13,105 Increased By 68.1 (0.52%)
BR30 37,995 Increased By 268.9 (0.71%)
KSE100 122,225 Increased By 81.8 (0.07%)
KSE30 36,956 Increased By 72.8 (0.2%)

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.