Germany's consumer confidence is set to improve in February amid further improvement in economic and income expectations, and private consumption in forecast to grow 1 percent in 2020, results of a survey by the market research group GfK showed Wednesday.
The forward-looking GfK consumer confidence index for February rose to 9.9 points from 9.7 in January, which was revised from 9.6. Economists had expected the score to remain unchanged at 9.6.
The latest the GfK consumer climate study was conducted between January 8 and 20 among around 2,000 consumers. "A first settlement in the trade dispute between the United States and China also makes things easier in Germany. Because as an export nation, you are dependent on a free and unhindered exchange of goods in this country," GfK consumer expert Rolf Bürkl said.
"The positive start of the consumer climate in 2020 confirms our assessment that private consumption will continue to be an important pillar of the German economy this year."