German Gfk consumer confidence index declines to 9.9 in September

Market research group GfK released its consumer confidence index for Germany on Friday. German Gfk consumer confidence index fell to 9.9 in September from 10.1 in August.

Analysts had expected the index to remain unchanged at 10.1.

The decrease was driven by declines in economic and income expectations and the willingness to buy.

The economic expectations index plunged to 16.6 points in August to 18.4 in July, while the willingness to buy index fell 3.4 points to 52.0.

The income expectations index dropped by 5.1 points in September and is now at 53.5.

"Despite the decline, it cannot be said that the economic motor will stutter or even stall. As before, the indicator level is high, suggesting that private consumption can fulfil its ascribed role as an important pillar of economic development this year. Since it can be assumed that conditions for a good consumer economy in Germany will remain favourable in the coming months, such as employment, income and inflation, there is a good chance that the consumer climate will stabilize again. Possible risks and burdens first and foremost are justified in the unstable international situation, especially in the Far and Middle East," Gfk noted.