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German consumer climate in July predicted to continue recovery: think-tank

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Consumer climate for July in Germany is projected to continue recovery from the shock of the COVID-19 crisis, according to the monthly index published by the German market research institute GfK on Thursday.

After hitting an all-time low in May, consumer sentiment already started increasing in June to minus 18.6 points. For July, GfK predicted a further rise of 9 points.

Despite the continuing recovery, GfK noted that minus 9.6 points in July still was the third lowest value “ever recorded” for consumer climate in Germany.

“The faint light at the end of the tunnel, which was already apparent last month, is apparently getting somewhat brighter,” said Rolf Buerkl, a GfK consumer expert.

The government’s economic stimulus packages, which include a temporary reduction in value-added tax (VAT), were “certainly a contributing factor,” GfK noted.

Nevertheless, the situation in Germany remained both “difficult and fragile,” GfK noted. With a record number of short-time workers and rising unemployment figures, “uncertainty remains high.”

(XINHUA)

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