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German consumer confidence rises


Consumer confidence in Germany is continuing to rise, as the recent cut in European Central Bank interest rates persuades households to open their purses, a new poll found on Thursday.

"The emerging recovery in the German economy is not going unnoticed by consumers," market research company GfK said in a statement.

"Expectations with regard to both the economy and pay have jumped. And the propensity to spend has risen further from already high levels, not least thanks to the further ECB rate cut," the statement said.

Overall, GfK's headline household confidence index was forecast to rise to 7.4 points in December from 7.1 points in November.

This reading is based on responses from about 2,000 households regarding their expectations about pay and the economy as a whole in the coming months, as well as their willingness to spend money.

The latter is now at a seven-year high, GfK calculated.