Germany’s Gfk consumer climate index rose to a one year high heading into March. The index rose for a sixth straight month, reflecting a steady optimism among German consumers.
The survey, based on a poll of 2000 Germans, ticked up to 6.0 from 5.9 in February, showing that Europe’s largest economy is weathering the impact of euro zone debt concerns and may avoid a recession despite contracting last quarter. The new figure was in line with expectations.
In an official statement, Gfk said that “Consumer sentiment is pursuing a slow but steady upturn.”
“This confirms the conjecture from previous months that private consumption will be a significant support to the development of the economy this year,” GfK added.
Today’s Gfk consumer sentiment index follows from last week’s German Ifo business climate index, which also showed a steady increase.
Much of Germany’s upbeat consumer morale is supported by the country’s solid job market, which helps continued consumer.