Consumer confidence in Germany forecasted a fall of 2.9 points in August on a monthly basis to come in at negative 30.6 points, the lowest value that has ever been measured, market research institute GfK said in a report released on Wednesday. Besides, "the downward spiral of German consumer sentiment does not come to an end in July due to rising inflation," the report added.
Economic expectations fell 6.5 points in July from the previous month and have plunged to negative 18.2 points, the lowest value since April 2020. Regarding this reading, the report adds that "concerns about a shortage of natural gas are weighing heavily on economic sentiment, along with the war in Ukraine and ongoing supply bottlenecks due to interrupted supply chains."
The income expectations reading dropped 12.2 points, landing at negative 45.7, the lowest value that has ever been measured. The propensity to buy indicator decreased by 0.8 points from the previous month to negative 14.5, the worst number since October 2008.
