German Gfk consumer climate for December dropped -0.2 to 10.4, slightly below expectation of 10.6.
Gfk noted that:
- “The weak period of economic activity has also been visible in consumer mood in November. Neither economic activity nor income prospects were able to quite maintain the level of the previous month and have decreased slightly”
- “Global economic turbulence, such as the trade conflict between the USA and China and the EU, or Brexit are increasingly concerning German consumers. They see weakening economic momentum and the first dark clouds on the economic horizon. “
- “Moreover, the trade conflict between the EU and USA has not yet been fully resolved. Higher customs duties on important exports to the USA continue to pose a threat here.
- Finally, the impending Brexit is also creating uncertainty since it is still not clear whether Great Britain will leave the EU with or without a deal.
