German Consumers To Start New Year In High Spirits
Mohammad Ali (@ChaudhryMAli88) Published December 22, 2017 | 12:15 PM
German consumers' festive mood will continue into the new year, a closely-watched survey said Friday, as shoppers remain unfazed by a political impasse in Europe's purring top economy
Frankfurt am Main, (APP - UrduPoint / Pakistan Point News - 22nd Dec, 2017 ) :German consumers' festive mood will continue into the new year, a closely-watched survey said Friday, as shoppers remain unfazed by a political impasse in Europe's purring top economy.
Market research firm GfK said its forward-looking poll of around 2,000 people climbed by 0.1 points to reach 10.8 for January, in line with analyst expectations. "Consumers are ending 2017 in high spirits," GfK said in a statement, with strong confidence in the economy promising "excellent" prospects for 2018.
The survey found that Germans expected their income to rise in the near future, bouncing back from the more pessimistic outlook seen in previous months. Their willingness to make large purchases meanwhile dipped slightly below December's level but remains "in great shape", according to GfK, thanks to record-high employment and low interest rates.
The pollster noted that respondents were especially upbeat about the future state of the German economy, with growth expectations hitting a three-and-a-half-year high. "Consumers are convinced that the strong upswing will continue into the new year," GfK said.
The cheerful mood comes despite a political deadlock in Europe's powerhouse following an inconclusive September election. Chancellor Angela Merkel is still trying to form a new government after efforts to forge a so-called "Jamaica" coalition with two smaller parties collapsed in November.
"Consumer sentiment seems unburdened by the failed 'Jamaica' talks," GfK said. The German economy has been firing on all cylinders in recent months, powered by strong domestic and foreign demand.
The government recently upgraded its 2017 growth forecast from 1.5 to 2.0 percent, while the Bundesbank is predicting an expansion of 2.6 percent. The GfK predicted that domestic consumption will continue to be a key growth driver, but said risks were lurking from abroad.
The troubled Brexit talks, nuclear tensions over North Korea and potential protectionist measures in the United States could threaten Europe's top economy, it noted. A separate survey by the Ifo economic institute this week found that German business morale dipped slightly in December on the political uncertainty at home, while staying at an "excellent" level.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
More Stories From World
-
ByteDance says 'no plans' to sell TikTok after US ban law
27 seconds ago -
Oil: 'Mother of corruption' in Venezuela
37 seconds ago -
ECO General Secretary urges member nations to embrace cultural wealth
1 minute ago -
China warns Blinken over deteriorating ties in talks
11 minutes ago -
Famine-threatened Sudan's 'race against time' to plant crops
21 minutes ago -
Microsoft, Google earnings shine as AI drives revenue
40 minutes ago
-
Man City crush Brighton to close gap on Arsenal in title race
41 minutes ago -
Atletico face Bilbao challenge in Champions League race
51 minutes ago -
Man City in title groove as Arsenal face Spurs test
51 minutes ago -
Japan anime studio draws on talent of autistic artists
1 hour ago -
Pakistan needs strong defence in view of its location in 'rough' neighbourhood: Masood Khan
1 hour ago -
Bangladesh children sweat at home as heatwave shuts schools
1 hour ago