German consumer confidence up as economy brightens

AP News
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Posted: Sep 25, 2013 2:32 AM

BERLIN (AP) — A survey finds that German consumer confidence is solidifying as people's expectations for the country's economy brighten.

The GfK research institute said Wednesday its forward-looking confidence indicator edged up to 7.1 points for October from 7.0 in September — a reading that itself was revised up from the initial forecast of 6.9.

The finding comes a day after a closely watched index of business confidence in Germany, Europe's biggest economy, rose for the fifth month in a row. Germany's economy expanded 0.7 percent in the second quarter, but recent industrial production and retail sales figures raised some concerns over the strength of third-quarter growth.

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GfK says consumers' economic outlook dipped in August but improved in September. It says Germans' willingness to buy is at its highest in nearly seven years.