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Survey: German consumer confidence remains stable

Author: Associated Press All articles by this author

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Aug. 28, 2012 10:51
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German Chancellor and Chairwoman of the German Christian Democratic Party (CDU), Angela Merkel, arrives for a meeting of the party's board in Berlin, Germany, Monday, Aug. 27, 2012. German business optimism fell more than expected in August, according to the Ifo survey published Monday, another sign that Europe's largest economy faces trouble from the eurozone debt crisis.
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BERLIN — A survey has found that consumer confidence in Germany remains stable despite ever-increasing worries that the country's economy, Europe's biggest, will suffer from the debt crisis weighing on many other European countries.

The GfK research institute said Tuesday that its forward-looking consumer confidence indicator for September stands at 5.9 points — unchanged from the August reading.

The group says that consumers' economic expectations fell significantly for the third month in a row, but their income expectations and willingness to buy were only slightly lower. It says the overall indicator was propped up by a decline in consumers' inclination to save.

Germany's economy has been doing better than the 17-nation eurozone as a whole but there are increasing signs it isn't immune from the crisis, including falling business confidence.

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