German consumer confidence is set to rise again in May, survey conducted by the market research group GfK and the Nuremberg Institute for Market Decisions (NIM) showed on Thursday.
The forward-looking consumer sentiment index rose to -24.2 in May from revised -27.3 in April. The reading was expected to rise moderately to -25.9.
The score hit a two-year high but it remained at an extremely low level, GfK said.
The stronger rise in consumer confidence compared to the previous two months was primarily driven by the noticeable improvement in income expectations, NIM consumer expert Rolf Burkl said.
The income expectations index climbed 12.2 points to 10.7 in April. At the same time, the propensity to buy gained only 2.7 points to -12.6.
The economic expectations index grew 3.8 to 0.7 in April. This was the best score since July 2023.
Economic News