German consumption to rise in 2018
The reason for the increase in consumer confidence is the stable labour market, GfK said.
Nuremberg, Germany (dpa) - Private consumption is expected to rise by 2 per cent in Germany in 2018 compared to 2017, the GfK market research company said Friday.
The newly announced forecast represents an increase of half a percentage point on GfK's previous forecast for 2018.
The reason for the increase in consumer confidence is the stable labour market, which means consumers are not worried about losing their jobs, GfK said.
"The unemployment numbers, which are continuing to fall, are giving consumers the necessary security to plan for their purchases," GfK consumer expert Rolf Buerkl said.
GfK also raised its forecast for the increase in consumer spending in the European Union as a whole by 0.5 percentage points to between 1.5 and 2 per cent.