Consumer confidence in Germany has fallen to its lowest level in three years, according to a survey by GfK. The institute's consumer sentiment indicator dropped to November 2016, lower than the 9.8 forecast in a Reuters poll and the lowest reading since 9.6 this month. Job losses in Germany's motor industry and financial services sector were cited as reasons for the decline, while trade conflicts and fears of a no-deal Brexit are causing the recession among Germany’s export-dependent manufacturers to spread to the wider economy. Germany is expected to fall into recession in Q3 2019.
Consumer confidence in Germany has fallen to its lowest level in three years, according to a survey by GfK. The institute's consumer sentiment indicator dropped to 9.6 this month, lower than the 9.8 forecast in a Reuters poll and the lowest reading since November 2016. Job losses in Germany's motor industry and financial services sector were cited as reasons for the decline, while trade conflicts and fears of a no-deal Brexit are causing the recession among Germany’s export-dependent manufacturers to spread to the wider economy. Germany is expected to fall into recession in Q3 2019.