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German consumer morale unexpectedly rises

German consumer morale unexpectedly rises
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German consumers were more upbeat this month despite a darkening economic outlook.

The latest survey by the GfK market research group found morale unexpectedly rose helped by a strong labour market which increased Germans expectations for their income.

There was also a slight rise in people’s willingness to buy which suggests private consumption is still contributing to growth in Europe’s largest economy.

The GfK sub-index tracking consumers’ expectations for the overall economy fell to the lowest level in more than two years.

“The fear of the crisis impacting the real economy in Germany is significantly weighing on citizens’ expectations for the economy,” GfK wrote.

GfK said it was crucial for policy-makers to find a long-term solution to the euro zone debt crisis. “If this does not happen, it will certainly have a negative impact on the further development of consumer morale.”

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