German consumer morale improved less than expected heading into October, a survey showed on Wednesday, putting a damper on hopes that household spending in Europe’s largest economy will be strong enough to drive a quick recovery from the Covid-19 shock.
The GfK institute said its consumer sentiment index, based on a survey of around 2,000 Germans, edged up to -1.6 heading into October from an upwardly revised -1.7 in the previous month.
The reading missed a Reuters forecast for an increase to -1.0 and followed an unexpected drop in the previous month.
GfK consumer expert Rolf Buerkl said the German consumer climate had stabilized despite a recent rise in new coronavirus infections and the growing risk of another round of lockdown measures to contain the COVID-19 pandemic.
“It seems as if the massive stimulus packages for consumers and companies are the right measures to help Germany get out of the worst recession in post-war history,” Buerkl said.
Since March, Chancellor Angela Merkel’s coalition government has implemented an unprecedented array of stimulus measures, financed with record new borrowing of some 218 billion euros ($256.15 billion), to cushion the impact of the pandemic.
But Buerkl added that a further improvement in consumer morale was depending on the development of the pandemic and the labour market.
Latest Stories
-
Price of LPG per kilogramme constitutes 22% of taxes – LPG Marketers Association
1 hour -
Nigeria appoint Finidi George as new Super Eagles boss
2 hours -
Elevating Ghana’s creative industry: A blueprint for competing with Nigeria and South Africa
3 hours -
Poor finishing a problem for Asante Kotoko throughout the season – Prosper Ogum
4 hours -
Samini teams up with Francis Osei for ‘Sticks N Locks’ EP
4 hours -
Government should resource record labels – Seven Xavier
4 hours -
I need majority in parliament to successfully complete my term – Akufo-Addo pleads
4 hours -
Next NDC government will not recognise illegal contracts signed by current administration – Sammy Gyamfi
4 hours -
Premier League clubs vote in favour of spending cap plans
4 hours -
Nigeria’s fuel crisis brings businesses to a halt
4 hours -
King Promise impresses fans at sold out show in Singapore
5 hours -
Ejisu by-election to proceed after plaintiff withdraws injunction application
5 hours -
CSOs and NGOs unite to push for priority demands at INC-4
5 hours -
Fuel tanker bursts into flames on Kumasi-Accra highway
5 hours -
Security is tightened ahead of Ejisu by -election
5 hours