ألمانيا ثقة المستهلك

Germany’s GfK Consumer Climate Indicator fell to -23.6 heading into September 2025 from a marginally revised -21.7 in the previous period, missing market forecasts of -22.0 and marking the weakest print since April. The income outlook dropped sharply (4.1 vs 15.2 in August), ending five months of gains and hitting its lowest level since March amid rising fears of job losses, uncertainty over inflation, and the impact of U.S. trade policy. Economic expectations also slumped (2.7 vs 10.1), registering the second monthly fall and a six-month low, due to fading hopes for a recovery this year following a bumpy start of the new federal government. The willingness to buy deteriorated for the third month (-10.1 vs -9.2), pointing to the lowest since February. Meanwhile, the propensity to save edged down (15.8 vs 16.4), providing little support. “With the third consecutive decline, consumer sentiment is now definitely in the summer slump,” said Rolf Bürkl, Head of Consumer Climate at NIM.