German GfK consumer climate rises in October

Note: This section contains information in English only.
Source: The Telegraph
German consumer confidence increased despite pessimistic forecasts in October, the data showed on Friday. The GfK Institute's consumer climate index soared to 6.3 points for November, compared to an upwardly revised 6.1 points in the preceding month. It was a second consecutive advance for the indicator.

The survey of about 2,000 people revealed income expectations rising noticeably, while consumers' willingness to buy and economic expectations advanced marginally.

Germany, Europe's biggest economy, unlike many other eurozone countries managed to avoid falling back into recession, but still faced a slowdown in growth. The government trimmed its growth estimates for 2013 to 1% from 1.6% last week.
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