Forex News – Germany’s Gfk consumer sentient rises to one year high

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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.