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Decline in Consumer Sentiment: Impact on German Economy
2024-09-02 09:00:08
Economy
Business

Decline in Consumer Sentiment: Impact on German Economy

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Recent surveys reveal a decline in consumer sentiment in Germany, with pessimism surrounding economic prospects and income levels. The retail sector foresees no revival in private consumption this year, signaling a shift from earlier positive trends.

Monthly surveys of 1,600 individuals by trade associations show reduced willingness to spend and save, alongside concerns about financial stability. Consequently, a possible decrease in gross domestic product looms.

The diminishing consumer confidence is also reflected in German manufacturing, as the PMI plunged to 42.4 in August, suggesting a deepening downturn with declining new orders, backlogs, and employment. This downward trend underscores a broader uncertainty among consumers and businesses, raising concerns about the economy's growth prospects in the near future.

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Read 3 more recent news on this topic

The press radar on this topic:

gmx
2. September 2024 um 07:10

Survey: Consumer sentiment declined

Economy
Finance
Consumer sentiment in Germany has declined; consumers are pessimistic about the economic development and their income; the retail sector does not expect a recovery in private consumption this year; consumer sentiment had recovered in the first half of the year, but the upward trend ended in July; the trade association surveys 1,600 people monthly on their willingness to make purchases and save, and their financial situation; a decline in gross domestic product is possible.
Frankfurter Rundschau
2. September 2024 um 07:09

Survey: Consumer sentiment declined

Economy
Finance
Survey shows: Consumer sentiment in Germany has declined; Consumers pessimistic about the economy and income; Decline in gross domestic product possible.
tz
2. September 2024 um 07:09

Survey: Consumer sentiment declined

Economy
Finance
Survey shows: Consumer sentiment in Germany has declined; Consumers pessimistic about the economy and income; Retail sector does not expect a recovery of private consumption in 2024.
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