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Germany - Debt crisis weighs on consumer sentiment

26 July 2011

Following the positive development in the previous month, consumer sentiment in Germany has dampened in July 2011, with decreases in both economic and income expectations, according to the latest Consumer Climate MAXX Survey published by research firm GfK.

However, there has been only a marginal drop in willingness to buy. The overall indicator is forecasting a value of 5.4 points for August, following a revised value of 5.5 points in July.

The ongoing discussions about the best way to resolve Greece's debt crisis and the associated potential dangers for the single European currency are unsettling German consumers, and economic and income expectations have weakened accordingly in July.

It therefore appears that the events surrounding the debt crisis are overshadowing the positive general conditions in Germany at present.

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