February 4, 2023

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Germany May GfK consumer confidence -8.8 vs -4.2 expected

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Latest data released by GfK – 28 April 2021

  • Prior -6.2; revised to -6.1

Tighter restrictions weighed on German consumer morale, seeing the reading miss on expectations and even falling as compared to April. GfK notes that:

“The recovery of the domestic economy will continue to lag due to the third wave. As in 2020, consumption will again not be a pillar of the economy this year. In the years before the pandemic, private consumer spending had still made an important contribution to the growth of the German economy.”

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