Instead of the expected improvement, consumer sentiment in Germany worsened

According to a report published on the GfK website on Friday, the consumer sentiment index for February dropped from the previous month’s minus 25.4 points by 4.3 points to minus 29.7 points, instead of the expected improvement of minus 24.5 points. The March value of the index, published in February 2023, was last lower than this, at minus 30.6 points.

The unexpected deterioration of the index in February was primarily caused by the strengthening of consumers’ willingness to save. The indicator rose by 6.7 points to 14 points, the highest value since August 2008.