"Record prices for petrol and diesel at German petrol pumps have clearly affected the mindset of consumers"
- GfK
German consumer confidence slid in March on higher gasoline prices, estimated GfK SE, the Nuremberg-based market research company. An index of sentiment decreased to 5.9 points in March from 6.0 in February.
"Record prices for petrol and diesel at German petrol pumps have clearly affected the mindset of consumers," GfK said in a statement. "Despite the light drop, the indicator level still shows that consumer spending will remain one of the pillars of the German economy this year."
"Domestic components are holding up better now," said Thomas Harjes, an economist at Barclays in Frankfurt. "We are at the beginning of seeing some rebalancing of the German economy."
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