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Survey: German consumer confidence slips slightly, but downturn not expected


BERLIN - A survey is showing that German consumer confidence is down slightly despite signs that the economy is growing solidly.

The forward-looking GFK consumer climate index released Wednesday fell to 6.9 points for September from 7.0 points in August. The indicator had been rising since February but the research institute says the slight decline should not be seen yet as the start of a downturn.

GfK notes that a stable labour market and favourable income developments should continue to shore up the consumer climate in Germany.

The survey of 2,000 consumers found their willingness to buy continuing to improve, but both income and economic expectations declined.

Germany's economy expanded at a robust 0.7 per cent in the second quarter after a lacklustre performance in the first quarter and the end of 2012.