German consumer sentiment expected at record low in August

By Tuba Sahin

ANKARA (AA) - German consumer sentiment fell to a record low of -30.6 in August, according to Nuremberg-based market researcher GfK on Wednesday.

The GfK Consumer Climate Indicator in Germany was down 2.9 points from July amid recession fears, supply and natural gas shortage concerns, war in Ukraine and rising prices.

"In addition to concerns about disrupted supply chains, the war in Ukraine and soaring energy and food prices, there are now worries about sufficient gas supplies for businesses and households next winter. This is currently causing consumer sentiment to hit rock bottom,” Rolf Bürkl, GfK consumer expert, said.

Economic expectations dropped 6.5 points in July from a month ago to -18.2 points, the lowest level since April 2020, when Germany went into lockdown due to the coronavirus pandemic.

Income expectations declined by 12.2 points in July, to a record low of -45.7 points.