Weak German consumer confidence - survey

The German consumer climate index was at 5

The German consumer climate index was at 5.1 points in March, unchanged from February, according to a monthly survey by GfK market research.

The March reading was lower than GfK's forecast of 5.2 points. GfK said it expects the overall climate index to remain unchanged at 5.1 points in April.

"Consumption is not providing any material impulses for the economic recovery," it said, adding: "Stagnating domestic demand is likely to weigh on economic growth."

GfK said that of the three sub-indicators used to assess the overall consumer climate, only the index measuring consumers' willingness to spend rose in March, though it notched only a 0.7 point gain to minus 24.3.

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The economic expectations index, which measures consumers' optimism about the economic outlook, fell 14 points to minus 12, while the index measuring consumers' expectations about their own incomes fell 7 points to minus 7.5.

The GfK consumer climate survey polls 2,000 people and is carried out on behalf of the European Commission.

AFP